What needs to be done to progress?
Physical paperwork always takes an age to complete, and is a great bugbear to almost all SME owners. While waiting for approval of the forms, SMEs are struggling with cash flow and not able to function as well as they could. The payments world is moving faster than Usain Bolt, with many using phones to manage finances, but the asset finance industry appears to be behind the trend.
While running a business is stressful as it is, the slow arrival of cash into one’s pocket causes anxiety. This becomes even more complicated when thinking about sourcing lenders and customers as this could become more difficult still, due to Brexit. This lack of access to those important groups is very alarming, according to C2FO. As an online market for working capital, they found in recent research that cash flow is the SMEs’ greatest obstacle to growth. This is added to the fact that access to working capital is getting more and more costly. Undoubtedly, life for SMEs is incredibly difficult.
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