Resolutions for 2017
January is almost over so how are you getting on with those new year’s resolutions? I’m talking about your business resolutions, not the “having a dry January” ones!
Whilst in the UK we may be seeing an increase in the level of goods we export, our import figures have also increased, thereby widening the trade deficit. According to HMRC we imported £42.5bn and exported goods to the value of £29.3bn to November 2016 – giving us a deficit of £13.2bn.
The fall in sterling has been of concern for importers because it is making our goods cost more to manufacture, which could result in contracts or orders having to be renegotiated. Otherwise profits are eaten up. If this renegotiating with your customers ends up with them wanting extended payment terms, it could ruin any new year’s resolution to sort out your cashflow.
Despite SMEs expressing concern over funding availability numerous types of facilities are accessible and we can help. Whether you need to pay your suppliers or want early access to your cash once goods/services have been delivered, then give us a call to go through your options. We are just a phone call away. Wouldn’t it be good to tick off at least one of your resolutions as having been achieved this early in the year?