More than 2,000 UK firms went bust in February, nearly a fifth more than the same time last year, according to the latest research.
However, there are some rays of light amid the gloom.
The UK has returned to growth after a brief recession at the end of last year, although trading conditions still remain challenging.
A survey commissioned by KPMG of 150 senior executives revealed that financial services leaders are confident about their second quarter results. “Around 87% had a positive outlook on profitability, up four points from January.”
Nevertheless, interest rates remain at a 16 year high and inflationary pressures are still pushing up operating costs, the survey found. “Nearly 40% of leaders named cost pressures as the biggest challenge facing their business in the coming quarter.”
In addition, a survey by Lloyds found that output in most sectors had returned to growth although Bibby financial services has found that interest rates and political uncertainty are holding back many businesses from investing.
This is no time for businesses to take their eyes off the ball.
It is crucial to keep track of cash flow and that’s where we can help.
To help you keep track you might want to download our free cash management tool here: https://lnkd.in/ee3pfuGa
If you would like to talk over the state of your business you can also book a free call with K2 here https://www.k2-partners.com/book-a-free-call