New figures from the Federation of Small Businesses (FSB) show that business confidence is low, as more small businesses across the UK express pessimism in the wake of the Brexit vote.
Commenting on the findings, FSB policy convenor, Andy Willox, said: “While cheaper credit is encouraging firms to get on with postponed investment, there’s a lot of work to be done to restore long-term confidence."
At this time of uncertainty, what is key for businesses to survive and thrive, is maintaining happy customers and a healthy cashflow.
With so much emphasis usually put on profitability, cashflow can be easily overlooked. Yet poor cash flow management can drive a growing or profitable company out of business.
- Make sure your cashflow projections are well managed and enable you to clearly foresee and prepare for potential shortages
- Maintain sufficient cash reserves to pay bills, grow the business, invest where appropriate and develop new products and services
- Managed borrowing will help to reduce interest costs
- Consider bulk purchasing to bring individual item costs down
- Keep communication with clients a priority, by providing them with a quick email updates or calls about the product or service, or simply keeping in touch to ensure they are still satisfied
- Keep customer service consistent and remedy any issues without delay
Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.
Through our partner businesses, BM Structured Finance and BM Advisory, we are also able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals in distress.