The new national living wage is significantly impacting the profits of small businesses, according to the Federation of Small Businesses. The £7.20-an-hour minimum pay for over-25s, which came into force in April, has hit the bottom line of three in five firms surveyed.
If you have any concerns about the cashflow of your business, our specialist advisers to SMES are available to assist. We can provide general business advice, structure your business for tax and assist with long and short term forecasts, budgets, business plans, sensitivity analysis, and calculating and checking compliance with covenants. Through our partner businesses, BM Structured Finance and BM Advisory, we can also source and restructure debt finance for SME businesses, as well as assist with resolving issues which can impact on business performance and success, and find innovative solutions for businesses and individuals in distress.