Brexit uncertainty still lingers, inspiring much hesitation from business owners on how to progress. The uncertainty surrounding future prospects has caused many to exercise caution with how they handle new opportunities within their business, particularly with new investments and big-ticket purchases within the company. Progress with Brussels has been slow, but whatever the outcome, businesses shouldn’t allow themselves to be weakened by the decision of their politicians. Finance platforms, such as credit management, can provide business members with the advice and debt recovery services, that will keep business finances going strong; well after the Brexit deadline next year.
According to a poll conducted by Capital Economics, three in ten small and medium-sized companies have postponed plans in the second quarter of the year because of uncertainties around Britain’s exit from the EU. This was even more severe for small businesses who export to the EU, with more than four in ten scrapping plans to invest due to Brexit.
To dispel this anxiety, businesses should focus on their cash flow and how their business finances can springboard them into prosperity rather than topple them into insolvency. At the Credit Protection Association, our debt recovery services free up cash flow and give our Members the financial security to overcome economic downturns and further shifts within the business community.
TechUK, a trade body that represents technology businesses, responded to the research by calling on the government to provide greater clarity on future trading relations.
The survey commissioned by Amazon UK and Enterprise Nation, a networking and support group, found businesses in all UK regions expect conditions for their company to deteriorate, on average, over the coming year.
The most commonly delayed business decision cited concerned new hiring, followed by upgrading business tools and raising finance.
Despite the concerns about Brexit, it was not top of the list of most pressing concerns. Inflation, competition and cybercrime were all more commonly cited as key risks by small companies.