As 2012 came to a close, the last few months of the year saw the UK's economy shrink. It is likely that this contraction was the result of artificial growth during July, August and September, which was generated by the 2012 London Olympic and Paralympic Games.
However, despite the fact that many industries reported unsatisfactory performances in the last quarter of 2012, the forecast for 2013 was, on the whole, cautiously optimistic, with many UK businesses remaining nonetheless steadfast and resilient.
Addressing financial concerns
A quarterly survey from the team at Close Brothers Invoice Finance (formerly Close Invoice Finance) asked business managers from small and medium enterprises (SMEs) in the UK for their input on a range of pressing financial issues.
The survey uncovered some interesting statistics. For example, 27% of SMEs in the UK made it clear that a large barrier to their future growth was not receiving satisfactory funding. In addition, 20% of businesses which were surveyed said that late payments and bad debt were a major cause for concern.
Furthermore, approximately 50% of SMEs questioned stated that they would certainly consider using invoice finance in order to allay worries over cash flow. However, despite this interest, around 30% of those businesses said they did not know enough about invoice finance to seriously consider it as a viable funding solution.
A look at the different industries
Their independent survey also provided insight into six different industry sectors. These results are as follows:
Packaging and print: When it comes to the print and packaging industry, the major business concerns were pinpointed as products and services from competitors (22%) and market volatility (55%).
Engineering and manufacturing: 12% of engineering companies, as well as 13% of manufacturing firms, revealed that they had been denied financial support by their bank at some point during the last six months.
Recruitment: Two fifths of recruitment companies questioned said that their main business concern was to do with finding people with the adequate skills required to fill vacancies.
Distribution and wholesale: Roughly 40% of distribution and wholesale companies are looking to hire more staff in 2013, with around 13% hoping to create permanent part-time positions.
Haulage and transport: Approximately a third of transport and haulage companies said that getting hold of an adequate supply of cash was stunting business growth.
Services: More than 10% of SMEs questioned in the services sector stated that they were thriving in the current economical situation.
However, despite the fact that many industries reported unsatisfactory performances in the last quarter of 2012, the forecast for 2013 was, on the whole, cautiously optimistic, with many UK businesses remaining nonetheless steadfast and resilient.
Addressing financial concerns
A quarterly survey from the team at Close Brothers Invoice Finance (formerly Close Invoice Finance) asked business managers from small and medium enterprises (SMEs) in the UK for their input on a range of pressing financial issues.
The survey uncovered some interesting statistics. For example, 27% of SMEs in the UK made it clear that a large barrier to their future growth was not receiving satisfactory funding. In addition, 20% of businesses which were surveyed said that late payments and bad debt were a major cause for concern.
Furthermore, approximately 50% of SMEs questioned stated that they would certainly consider using invoice finance in order to allay worries over cash flow. However, despite this interest, around 30% of those businesses said they did not know enough about invoice finance to seriously consider it as a viable funding solution.
A look at the different industries
Their independent survey also provided insight into six different industry sectors. These results are as follows:
Packaging and print: When it comes to the print and packaging industry, the major business concerns were pinpointed as products and services from competitors (22%) and market volatility (55%).
Engineering and manufacturing: 12% of engineering companies, as well as 13% of manufacturing firms, revealed that they had been denied financial support by their bank at some point during the last six months.
Recruitment: Two fifths of recruitment companies questioned said that their main business concern was to do with finding people with the adequate skills required to fill vacancies.
Distribution and wholesale: Roughly 40% of distribution and wholesale companies are looking to hire more staff in 2013, with around 13% hoping to create permanent part-time positions.
Haulage and transport: Approximately a third of transport and haulage companies said that getting hold of an adequate supply of cash was stunting business growth.
Services: More than 10% of SMEs questioned in the services sector stated that they were thriving in the current economical situation.