It would be wonderful to be able to report some good news for business, but it is still a case of hanging on and keeping tight control of cash flow unfortunately.
Latest reports on UK manufacturing from S&P Global and CIPS show the industry’s downturn extended in April as global demand faltered.
In addition, the FSB (Federation of Small Businesses) is warning that the cost of living squeeze is holding back economic growth after two in five company bosses reported a drop in sales at the start of the year.
According to its latest snapshot from its small business index, a record 92% of companies said costs were higher in the first quarter compared with the same period last year.
A lot will depend on what happens to interest rates, predicted to rise again as inflation remains stubbornly high.
However, it’s not all doom and gloom as the FSB is also reporting a small rise in small business confidence after its reading on its small business index rose to -2.8 in the first quarter, up 43 points from the final three months of 2022.
In the meantime it is more than ever crucial that small businesses do everything they can to keep on top of their financial situation and seek help if they need it.
We have a free cash management tool for you to download here.
It will help you know exactly where your business is financially.
After that, the next step is to talk over your situation with a restructuring adviser.
K2 Partners is here for you and happy to have an initial chat to understand the issues involved in the next steps you may need to take.
Just call us.
We’re here to help.