Small businesses are continuing to find life a real struggle with order books plunging, late payments endemic and, as for accessing traditional funding for growth and development, simply unattainable.
Commenting, Gerald Irwin of Sutton Coldfield based Licensed Insolvency Practitioners and Business Advisers, Irwin Insolvency said, “With so much negativity around little wonder that small businesses are hording every penny rather than investing in future growth and development. The economic outlook is so uncertain that many businesses are deferring major decisions. However, it is absolutely imperative that small businesses are given access to funding for them to maintain a healthy cash flow and invest in growth.”
The small business sector just cannot function when it is continually hampered by high taxes, voracious suppliers, despotic employment regulations and poor trading conditions. This is the clearest indication yet that small businesses are struggling to create the jobs needed to fire up the economy.
“In the forthcoming Budget, the Chancellor has the opportunity to proffer an agenda for business growth and development by eliminating red tape, simplifying the tax system and advance a strategy for alternative sources of funding,” added Mr. Irwin.