The future health of UK business
SMEs are everywhere. Every town in the country has its share of small and medium-sized businesses, operating across every possible sector and driving the UK economy forward. The UK was once described as a nation of shopkeepers but when you consider that 99% of all businesses in the UK are SMEs then it would be more accurate to think of us as a nation of business people.
Now more than ever, SMEs need to show their resilience. There remains a lot of uncertainty around Brexit, and we are yet to have a clear picture of what a post-Brexit UK economy will look like, but economic forecasts predict some tough times ahead.
One of the trickiest things to maintain when running any business is momentum. Although there’s much to be said for stability, a healthy business is one that’s always evolving. This doesn’t necessarily mean that maximum growth should be chased at all times but rather that a business has in place the right tools and support to keep things running smoothly.
“Cashflow remains a real problem for SMEs, frequently topping their list of concerns and one of the key reasons business go bust every year.”
Small businesses depend on a strong support network, and many traditional lenders are failing to adapt to their requirements, making it harder for them to borrow the money they need.
Thankfully, there is an increased awareness of alternatives to traditional bank offerings, such as the flexible finance available through Ultimate Finance. As a company having day-in-day-out discussions supporting thousands of clients we have a real understanding of the challenges facing SMEs and we can respond to their ever-changing needs.
Whatever happens to the UK economy and the terms of our departure from the EU, it’s certain that the country needs the SME sector to continue to be as ambitious, flexible and resilient as before. We have no doubt that business owners will rise to this challenge and it’s going to be vital that they have access to the funding that they need to grow. UK SMEs have a bright future and the right partnerships will keep them on a pathway to success.