SME’s being held back by lack of funding
A study by Aldermore Future Attitudes has shown that just under a fifth of UK SME’s have missed out on a new lucrative opportunity in the last 12 months due to a lack of available funding.
Each year, these missed opportunities are said to be leading to businesses losing out on an average of £76,888 income.
The new information highlights the impact of small businesses not being able to access the necessary funding they need to grow and seize new opportunities.
The survey was conducted with over a thousand business decision makers across the UK and found that while 19% of SME’s in total were held back by a lack of funding, the number jumped up to 28% when looking at medium sized businesses alone.
For business based in London, the average income lost was a staggering £135,791 annually.
As well as the direct financial implications, other issues stem from a lack of funding, such as not being able to achieve business objectives. 37% of SME’s cited achieving growth as their number one objective, with a further 24% prioritising developing and expanding their products and services. 21% are focusing on expanding in the UK.
For businesses trying to innovate and grow, cash flow and available funds have become a major concern. 25% of SME’s stated cash flow was their biggest concern in the next 12 months, while 12% feel that keeping up with technology is highest on their list of potential problems.
The research demonstrates the importance for businesses to have the right funding behind them, which provides the flexibility to seize such opportunities as they arise.
For small businesses, finding the right funding doesn’t need to be daunting, and you needn’t think your options are going to be limited due to your size. As a commercial finance broker helping business of different sizes across the UK, Hilton-Baird Financial Solutions can help.
We can assist you in comparing the many funding options available for small businesses, find a facility that aligns with your business goals and support you through your funding application.
Give us a call on 0800 9774833 to see how the right funding solution can abate all your cash flow worries!