How to maximise your cash flow
The UK’s economy is failing to grow and many small businesses say they’re concerned about cash flow for the year ahead. Almost half say they’ve recently suffered from cash flow problems with one in four citing late and/or failed payments from customers as their main reason for a shortage of funds.
So with cash flow remaining a huge challenge for thousands of businesses, what help is available to ensure SMEs stay in the black and out of the red?
Research has shown that SMEs that seek advice are more likely to succeed. Yet with a perceived culture of banks saying no, how can SMEs start to re-think their relationship with banks?
Joining us to discuss this was Kevin Boyd, Divisional Managing Director, Santander. Kevin was perfectly placed to explain why it’s important to have open and regular dialogue with your bank, what conversations to be having with your bank, and when to consider addressing your cash flow. He also talked about how businesses missing out on alternative financing solutions such as invoice or supply chain finance can be opening themselves up to unnecessary risks.
Along with Kevin, was Ian Mason from the London Chamber of Commerce & Industry. He talked about the current mood of SMEs, the importance of taking a regular review of your resources and business plans, and also highlighting what else — outside of finance — businesses can do to learn from each other and seek further help.
Watch the show now, where Kevin Boyd, Divisional Managing Director, Santander and Ian Mason from the London Chamber of Commerce & Industry, shared their hints and tips on how you as an SME can regulate your cash flow by using alternative financing solutions, and make sure you keep your balance sheets healthy.