Business in the UK is looking bright, with signs of further economic recovery promised for 2014.
According to the British Chambers of Commerce, several key indicators for the economy are more positive for the coming year than they were before the credit crisis began in 2007.
The findings have been published in the BCC’s latest quarterly survey, which questioned 8,000 British firms in Quarter 4 of 2013. The results highlight a spurt in manufacturing and show that UK businesses are confident they can invest, create jobs and export their products – although the BCC points out that firms’ ability to access finance and maintain cashflow will be crucial to success.
Some economists were surprised by the strength of growth in 2013 and indications are that this is set to continue. But there is still a long way to go; many businesses plan to increase their prices this year due to concerns about inflation, whilst domestic sales and export orders fell slightly, although the figures recorded in Q3 were exceptionally high.
The BCC’s survey also shows that manufacturing cashflow fell in Q4, suggesting that some businesses are experiencing problems accessing finance. Arranging a bank loan or overdraft is certainly harder than it used to be, leading businesses to look at alternative sources of finance such as angel investors, crowdfunding and credit cards. If you are struggling to get traditional forms of credit or if you simply want an innovative way of financing the expansion of your business or to improve your cashflow, it could be time to consider invoice factoring.
Invoice factoring lets business owners hand over their invoices to a factoring specialist, who pays the majority of the invoice straight away then takes up the invoice with the business’ client. This takes the hassle of admin and chasing invoices away from business owners, leaving you free to focus on what you do best – running a busy company. Once the client settles the bill, you will receive the balance, minus a small fee for the factoring firm’s services.
There are many different invoice factoring firms, working in different industries and with different expertise. As an experienced factoring broker, Simply is adept at matching clients with the best factoring firm for your needs, giving you best value and an efficient service. For more information, call our friendly team on 0330 134 2826 and see how we can help your own economic recovery!