UK businesses are struggling to access the funding they need to grow, new research shows.
According to the report of over 200 UK business owners, the main focus of SMEs isn’t on becoming major players in their industry, but rather on longevity and stability closer to home; with 49 per cent stating that they expect their business to be operating in ten years’ time.
The smaller businesses most committed to growth tend to be businesses younger than ten years old; most commonly restaurants, cafés, and health and beauty businesses too.
“This may be due to new technologies developing in these sectors, presenting businesses with the refreshed opportunity for growth and access to customers,” the report reads.
However, while 62 per cent of UK SMEs said they need funding to grow and expand, 57 per cent said they were unsure which provider to obtain funding from.
“The lifeblood of the UK economy, SMEs contribute more than £200 billion a year; with this number expected to grow by almost 20 per cent by 2025,” the report says. “Yet, without a vital cash injection, this 2025 vision could be severely stinted.”
With demand for alternative finance likely to increase further as we move into 2018, what is essential is that SME’s choose a specialist adviser who can recommend the right financial products for their specific business needs.
“Without sufficient financial education and support, the UK’s business ambitions will be severely affected.”
Our partner business, BM Structured Finance, specialises in sourcing and restructuring debt finance for SME businesses. We match the most suitable products to each individual circumstance and work together to ensure compatibility and satisfaction, thereby enhancing the business’ cash flow liquidity and facilitating maximum growth.
Whether you’re a start up or a well-established business, cash is king and managing its flow is crucial to your long-term success. For more information about how BM Structured Finance can help you and your business, contact Simon Belton or your usual Beavis Morgan Partner.
