01634 570 390

Kent office

  01737 370 493

Surrey office

  • Home
  • About Us
  • Our Services
    • Accountancy
    • Bookkeeping
    • Budgeting & Cashflow
    • Company Formation
    • Company Secretarial
    • Information Technology
    • Management & Consultancy
    • Business Planning
    • Payroll
    • Taxation
    • Value Added Tax
  • Resource Centre
    • Tax Fact Sheets
    • Tax Calculators
    • Tax Tables
    • HMRC and Companies House Forms
  • Latest News
    • Blog
    • Brochure
  • FAQ’s
  • Contact Us

SMEs shying away from finance

Orchard Accountants Blog, Business Blog, SME, SMEs, SMEs / Business July 12, 2018July 12, 2018

New research carried out by the British Chambers of Commerce (BCC) in collaboration with Wesleyan Bank suggests that small and medium-sized enterprises (SMEs) are shying away from finance and failing to explore expansion opportunities.

According to the study, which surveyed 1,073 SMEs, almost two thirds (63 per cent) of small businesses with between one and nine employees have not applied for any finance in the past year.

The same goes for 39 per cent of SMEs with 50 or more employees, the report reveals.

In instances where SMEs did move to access finance, this was predominantly to plug gaps in their cash flow rather than to fund large-scale expansion or growth, the report found.

The survey, which quizzed SMEs about their expansion and investment plans, also found that the majority of businesses are focusing on ‘incremental investments’ as opposed to larger-scale projects.

It found that almost half (49 per cent) of firms are eyeing up ‘incremental investments’ in marketing and advertising this year, while a similar number are planning on pumping more money into either staff training or IT and data security.

Suren Thiru, Head of Economics at the BCC, voiced concerns that the Government is not doing enough to “kick-start business investment” and encourage broader SME growth.

“Firms need relief from the heavy burden of upfront costs which sap funds that could otherwise be spent on big capital expansions,” he said.

“Give companies the financial room to grow… and we’d see more long-term investment coming through.”

  • ← Official estimates suggest strong UK economic growth
  • Cash flow concerns are keeping business owners awake at night →
Latest News
15
Feb
Data protection: what happens if we leave the EU without a deal?

UK businesses who share data with organisations in …
[ read more ]

13
Feb
SMEs striving for growth in 2019 with half looking to increase headcount

With continuing tough economic uncertainty, UK SMEs …
[ read more ]


Read latest from our Blog    
Our Tax insurance scheme    

AAT    
What do our clients say
Read our testimonials
 
Autumn Budget 2018
Read our summary
 
Online Resources
Useful tips & calculators
 

Quick Enquiry

If you would like to see full details of our data practices please visit our Privacy Notice.

Orchard Accountants - accountants Kent

60-64 Canterbury St, Gillingham, Kent ME7 5UJ

  01634 570 390         01634 570 391

© Copyright 2010 - 2019 Orchard Accountants

Terms and Conditions | Cookie Policy | Privacy Notice

Website for Accountants by: JE Consulting

Menu
  • Home
  • About Us
  • Our Services
    • Accountancy
    • Bookkeeping
    • Budgeting & Cashflow
    • Company Formation
    • Company Secretarial
    • Information Technology
    • Management & Consultancy
    • Business Planning
    • Payroll
    • Taxation
    • Value Added Tax
  • Resource Centre
    • Tax Fact Sheets
    • Tax Calculators
    • Tax Tables
    • HMRC and Companies House Forms
  • Latest News
    • Blog
    • Brochure
  • FAQ’s
  • Contact Us
This site uses cookies: Find out more.