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Being a part of a Consultancy company, we have seen many companies that struggle with difficult cash-flow decisions, I can confirm that right now many companies - SME's - are finding it hard to fund their businesses through what is now a more positive growth time. In many cases, as the orders start to come back in, there is insufficient cash flow to enable your company to fund those projects.
There are a number of solutions and if anyone wants any free advice on their particular situation, my Business Partner, Business Consultant and Accountant, Gary Taylor, will be happy to give free, independent and impartial advice. We are members of the Small Business Federation and are often called upon to help small businesses - especially if they are not able to move forward.
As a brief guide, here are a few pointers that I have picked up from my involvement in helping SME's to grow:
Banks can help and are a little more amenable at present but often their cash flow products are quite expensive and not always good value for money! If you are on very low profit margins then you need to consider carefully before looking at factoring/ invoice financing, especially from Banks.
If you have lots of equipment then you may be able to raise some finance on those assets. This can sometimes be a quick way to fund growth and if you need more help with that - let us know.
In some instances we have been able to provide a source for private investment, but it takes time and you need to look at all the conditions before possibly giving up your independence to a private investor.
Other options include going to the Banks and lenders with a very good business plan and forecasting and you may get finance that way, the same goes for Government lending schemes which again take time and you need business plans, your accounts up to date and to qualify by reaching certain conditions.
Overall - what you need is sound advice from someone who knows all the available options and possibly most of the pitfalls too!
Anna Taylor
Marketing Specialist and Business Consultant currently working at Phoenix Amenity Supplies Ltd
Partner in Wootton Taylor Business Consultants
We always gush about the German economy. This link is an interesting read about the part that SME's play in the German economy.
http://www.bmwi.de/English/Redaktion/Pdf/factbook-german-mittelstan...
One of the key concepts outlined in this report are that the majority of the SME or German Mittlestand companies are family run, keep training at the forefront of their agenda and so they can make long term decisions and future planning decisions based on their involvement as well as having the benefit of good sources of funding through German financial institutions. These are key issues that are often lacking in the business world in the UK. Short-termism puts us into the wake of boom and bust scenarios rather than good long term planning and stability.
The banks in the UK are reluctant to look at most business in the long-term and prefer to take short term risks as their own employees often cannot plan for the future themselves. Bank employees do not know whether they will be there to take the credit or blame if things fall short. Responsibility is the key issue here. Those companies that are family run can call on loyalty and commitment from their own and may also treat employees as part of that "family" by sharing decisions, bonuses and problems or shortfalls. It is not hard to see where German Mittelstand have the advantage.
All views expressed are my own.
Anna Taylor - Supporting SME's in the UK
On behalf of:
Wootton Taylor Business Consultants
FSB reports (Jan 2014):
"Small and medium sized firms in the UK have identified access to finance and skills shortages as the greatest factors affecting their business over the last two years according to a global survey by the Assoc. of Charted, Certified Accountants (ACCA) and the Institute of Management Accounts (IMA).
The Survey revealed that Skill shortages were a problem almost exclusive to businesses in the UK, compared with other countries.
Poor access to finance was also identified as a barrier to growth by smaller UK firms particularly those with 10-49 employees, while in most other countries access to finance has improved.
In addition, around 50% of of smaller firms in the UK cited late payments as a pressure on their business, almost twice as many as larger firms."
Two issues to take from the above (underlines are mine...):
1- are we being let down by our educators/careers guidance/training organisations/associations in providing a new skilled generation ?
2- are smaller firms seen as easy targets to withhold payment from ?