07/10/2022
30% of small business owners are anticipating more difficulty collecting payments, while 26% were worried about their ability to attract sales - another 20% expressed concern about both of those factors bringing them into financial strife.
Are UK small business owners prepared for tough times?
After sticking it out through the changing shopping habits, supply chain troubles, and wavering consumer confidence of a global pandemic, you’d expect any small business to have strategies prepared for financial crisis.
In reality, the cumulative impact of these past few years has made it harder for many businesses to put adequate strategies in place. In fact, this study shows that 44% of small businesses do not have a plan to maintain cash flow.
With more than a third of businesses saying their cash flow expenses are upwards of 50,000£ a month, this means that a lot of businesses will have to cut expenses and investments as wallets close.
At a time where investment can help a business stand out and grow effectively, this could be a real set back to customer acquisition and employee retention. 40% of small businesses surveyed said they had delayed investments, while a further 15% planned to cancel theirs.
Can a business loan help you avoid financial crisis?
The answer is yes.
Contact us today or see if you qualify here: https://lendingconnect.co.uk/eligibility-quiz/
