A study by the Asset Based Finance Association shows that small firms tend to wait six weeks longer than bigger businesses for invoices to be paid. This is placing huge pressure on the cashflow of smaller businesses, as well as their ability to expand. With economic and political uncertainty in the first part of the year now being replaced with economic contraction, according to data from the latest Purchase Managers Index, it is essential that business owners of UK SMEs maintain effective management of their company's working capital. This will not only help you to to ensure you have the cashflow needed to survive and thrive, it will also expose any pressure points within the cash cycles, helping you boost efficiency and even save costs – all vital elements in helping your business survive and thrive in challenging times.
At Beavis Morgan, we specialise in working with SMEs and owner-managed businesses. Our team of SME advisers are on hand to provide guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth. We are also available to help with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs.
Our partner business, BM Structured Finance, is also available to help with 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.
For further information, contact Steve Govey or your usual Beavis Morgan Partner.