Cash flow is the leading challenge for SME business owners

Published on

Millbrook Business Finance has published the results of its latest survey of SME business owners.

It found that for 48% of respondents, cash flow is the largest single challenge that their businesses are facing. This is followed by the cost-of-living crisis (32%) and energy prices (30%).

Other issues businesses are having to deal with include supply chain disruption (26%); inflation (24%); recruitment (20%); building overheads (15%) and unexpected tax bills (8%).

For those that are planning on taking out finance in the next 12 months, the largest single reason (40%) is to smooth out issues with cash flow. Buying machinery/equipment and releasing equity were the next largest causes cited (20%).

The firm surveyed its extensive database of SME owners and directors in October 2023 to establish the leading pain points for businesses and their possible plans to take out finance over the next year.

Millbrook Business Finance provides Asset Finance, Business Loans, Franchise Finance, Vehicle Finance, Refinance, Property Finance, and Invoice Finance for SMEs across the UK.

The firm also recently launched a new website with increased client functionality including a finance calculator, fast track option and dedicated knowledge hub. In addition, it has enhanced its fraud and automation software to ensure that clients and lenders have access to a more secure and streamlined experience.

Justin Amos, managing director of Millbrook Business Finance, said: “It comes as no surprise that so many businesses are struggling with cash flow at the present time. Whenever the economy is weakened, late payments and supressed customer demand become much more commonplace, and this can dramatically worsen cash flow for SMEs.

“When you also factor in the ongoing cost of living crisis and painfully high energy costs then it’s no wonder businesses are facing significant financial challenges.

“SME owners shouldn’t panic, however. At Millbrook Business Finance, our mission is to provide a wide variety of financial solutions to businesses, so that firms can not only stay ahead of the curve but also outpace their competitors.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Neil Hoare appointed sales director at LSL Financial Services

LSL Financial Services has appointed Neil Hoare as sales director of its financial services...

UTB makes underwriting director appointment

United Trust Bank has appointed Gene Clohessy to the newly created role of director...

Family Building Society eases borrowing barriers for landlords and homeowners

Family Building Society has unveiled a series of changes to its lending criteria and...

MAB rolls out Comentis tool to bolster support for vulnerable customers

Mortgage Advice Bureau is deploying a new digital assessment tool across its broker network...

The Leeds lowers income threshold to widen mortgage access

Leeds Building Society has sought to ease the path to home ownership for lower...

Latest publication

Latest opinions

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Navigating HMO and MUFB complexity with confidence

Historically, larger Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs) have often...

Why we shouldn’t wait for the FCA to act on later life lending

It might feel odd to be talking about a new year, when we’re barely...

Other news

Neil Hoare appointed sales director at LSL Financial Services

LSL Financial Services has appointed Neil Hoare as sales director of its financial services...

UTB makes underwriting director appointment

United Trust Bank has appointed Gene Clohessy to the newly created role of director...

Family Building Society eases borrowing barriers for landlords and homeowners

Family Building Society has unveiled a series of changes to its lending criteria and...