Our recent survey* of UK businesses reveals insights into their funding needs and wider concerns.
Guidance on funding decisions
When it comes to making business funding decisions, over half (56%) of business leaders reported that accountants are their most important external advisers when considering business finance options. They are twice as important to businesses than commercial finance brokers (23%), while only 6% would consider speaking to a bank directly.
Support and guidance from accountants will be critical over the next 6 months as businesses navigate an uncertain period with more than a third (38%) anticipating a cash squeeze. The majority reported that they would turn to invoice finance (35%) then bank overdrafts (30%) for additional funding whilst 7% would look to their business credit card.
Dealing with cash flow squeeze
Those businesses unable to remedy their cash squeeze acknowledge compromises will have to be made. The research shows that a third (34%) would forfeit expansion plans, a further third (33%) said they would forgo launching new products and a fifth (20%) would reduce marketing spend.
The role of advisers
Darvish Heshejin, Head of Partnerships at MarketInvoice, commented: “Accountants and commercial finance brokers are increasingly becoming the default go-to for companies seeking advice on business finance, especially where funding is required quickly.”
“It’s imperative that these professionals are aware of the wider funding opportunities available to provide the best, most comprehensive advice to their clients and find the solution that fits.”
For more information on how MarketInvoice works with accountants and brokers to help small and medium sized businesses take charge of their cash flow, check out our introducer page.
*Results are from a MarketInvoice Business Monitor survey which canvassed the opinions of 3,874 UK businesses in July 2017. Respondents were manager, director and C-level post holders. The survey was conducted online and by e-mail.