With predictions that the UK economy is set to grow at its fastest pace in decades and could convalesce to pre-pandemic standing by the end of this year, owners of small and medium-sized enterprises (SMEs) are feeling more optimistic and are eager to invest in growth.
However, they are also reporting frustration in respect of the options for financing that are open to them, according to a survey from the Association of Chartered Certified Accountants (ACCA) and The Corporate Finance Network (CFN).
A total of 89 per cent of the business-owners surveyed confirm that they were trading at or above expected levels in July 2021, which is a significant improvement on the previous month’s figure of just 60 per cent.
They have also shown a surge in confidence over the past few weeks, with almost 90 per cent anticipating that they will achieve pre-COVID levels of turnover and productivity within two years – 40 per cent more than thought this would be possible in June.
This is likely the motivation behind roughly a quarter of SMEs having accelerated plans to obtain additional finance to invest in their business.
However, this get-up-and-go attitude is being somewhat hindered by struggles to find a mix of financing that will put them on the path to success.
Two-thirds of business leaders (67 per cent) have found it more difficult to obtain even an overdraft from their bank, recently.
The difficulties SMEs are facing come at a time when most are raring to re-establish and futureproof their businesses.
As chartered accountants and business advisers, we would encourage SMEs and business-owners to engage with firms like ours for support.
We can help you to determine your financial requirements and discuss with you the ways in which you can satisfy these. If you are seeking funding from a lender, we can also support you to assemble any management figures that the banks may request.
Not only this, but we can suggest strategies for futureproofing your business and help you to identify changes that could be made within your business, to improve your financial footing, before you seek finance from elsewhere.
To start the ball rolling and speak to one of our team of experts in Hertfordshire, Bedfordshire or Cambridgeshire, about your circumstances, contact us today.