Ric Traynor, executive chairman of Begbies Traynor said: “While the recent recovery in Sterling should put UK businesses who import raw materials into a stronger trading position, the biggest positive impact on business confidence is likely to come when we finally receive clarity over how our eventual exit from the EU will look”.

“In the short term, however, the most pressing issue is whether or not the Bank of England decides to raise interest rates next month. If they do, it could push many struggling businesses, particularly those with high levels of debt, into formal insolvency”.

The current economic climate is not kind to the business owner. The economy dips and skyrockets in equal measure, and the lingering political uncertainty is inspiring hesitancy in investors. Business owners can take control, however, and not let financial distress escalate to insolvency. Focussing on cash flow and stripping away all late payers and residual debt, can dramatically improve a firm’s financial position. Approaching a third-party credit control company is an easy way of ensuring this process is achieved efficiently.

At the Credit Protection Association, our collection team chases down unpaid invoices, providing our members with the resources to springboard them to new heights. Our credit checks, credit scores and company directories give our members complete control over who they conduct business with, allowing them the choice to sever or to cement ties.

Not only does our team free up cash flow and spring clean finances, we also have a special scheme using a little-used legislation that helps business owners realise a hidden source of cash and unlock hidden potential within their business.

So do not allow yourself to sink into financial distress, our team can help!