Posted on 1st Jul 2009 by Alan in Cashflow news & advice | Comments Off
One in five UK accountants have confirmed that their clients have been refused credit or had funding restrictions imposed in the light of the credit crunch. The findings, from a recent survey conducted by Venture Finance, provide the first real evidence that UK SME’s are feeling the effects of the well-documented economic downturn.
A quarter of the accountants surveyed believe their clients are more nervous about investing in their business. Forecasts are now showing that the number of business failures is expected to increase by 18 per cent by the end of 2009 so it comes as no surprise that many SME’s are feeling vulnerable. The promised easing of bank finance to businesses promised by the chancellor seems to have evaporated. Read the rest of this entry »
Posted on 22nd Apr 2009 by Cashflow Protector in Cashflow news & advice | Comments Off
Thousands of small business jobs are being put at risk because councils are failing to pay invoices within the Government imposed 10-day target. Despite orders from the Business Secretary, Lord Mandelson, four out of five local authorities are ignoring pleas to help firms by speeding up invoice payments.
Small business leaders warn that thousands of jobs are being put in danger as delayed payments stretch credit supplies of companies already struggling with the recession.
Critics said it provided “yet more evidence that the Government’s policies aren’t working”. Many councils described the 10-day target as an unrealistic expectation that would produce more red tape. Several, including Durham City, had not even heard of the request.
The 10-day deadline for settling bills was pledged by Lord Mandelson in October, when he announced councils would follow Whitehall’s lead in cutting payment times. Read the rest of this entry »
Posted on 22nd Apr 2009 by Cashflow Protector in Cashflow news & advice | Comments Off
Householders are now able able to convert lofts and install rear extensions to their homes without having to seek planning permission. The new relaxation of planning regulations will see about 40% of all home development projects that currently require planning permission able to go ahead without formal authorisation from councils - that’s around 80,000 householders. There were almost almost 330,000 domestic planning applications last year.
With people struggling to move house because of the current state of the property market, they can now extend their current homes without all the red tape and the costs which can often mount to thousands of pounds, even though 90% of all applications are ultimately approved.
Caroline Flint, the Housing Minister, said that as the economy slows, the new rules will “make a real difference to already-stretched family finances, making home improvement an increasingly attractive option.” Read the rest of this entry »
Posted on 22nd Apr 2009 by Cashflow Protector in Cashflow news & advice | Comments Off
Doom and gloom are the watchwords on every piece of news we receive nowadays whether it’s from TV, radio or the newspapers. The reporters are wallowing in it (after all it sells newspapers).
I go to a number of networking events locally and meet many SMEs and, rather than gloom, I meet a lot of determined people who are facing the slow down positively. Yes, companies are slower in paying bills (this is where Cashflow Protector comes into its own). Yes, the banks, that we, Joe Public, bailed out, have reduced their lending and tightened the lending criteria ( it’s a pity they weren’t so discerning in the past) but that will ease soon.
The truth is these SMEs are still busy and even Estate Agents are telling me that the start of the year has been very strong. Read the rest of this entry »
Posted on 22nd Apr 2009 by Cashflow Protector in Cashflow news & advice | Comments Off
Many retail companies are trying to tempt us to order in time for Christmas and pay next year (or the year after!), but not everyone can offer such ‘generous’ credit terms.
Take the case of award-winning businesswoman Denise Fresco, who runs a thriving courier company in North London with her husband Mark.
In 2006, their company was voted Business of the Year and the duo have just scored a double whammy by winning a High Growth Business of the Year award!
Cashflow Protector’s Managing Director Alan Smith, said: “Denise is one of our clients and all the staff at Cashflow Protector would like to offer her and Mark our warmest congratulations on winning this latest business award.”
Both awards were run by the RSA Trust and Enterprise Enfield who presented Denise with a certificate and a host of other goodies including a £1,000 cheque which has been ploughed straight back into the business.
Denise and Mark from Chigwell, Essex, founded “TCS - The Courier Service” in 2004 and built up a successful business delivering letters, parcels and pallets, but as the company grew, so did its debts.
Despite winning their first business award in 2006, behind the scenes Denise and Mark were starting to fall foul of unscrupulous companies who threatened to destroy their business by withholding payment.
Mum-of-two Denise, says: “We had started extending people’s credit because we didn’t want to lose their custom, but we were taken for a ride (literally!) by some companies which obviously had no intention of paying us.
“It wasn’t uncommon for us to stretch people’s payment terms to 120 days, but then several companies went into liquidation owing us thousands of pounds and the debt just skyrocketed.”
When Denise met Alan from Cashflow Protector at a BNI (Business Network International) networking event earlier this year, the company’s debt had become a serious worry.
Says Denise: “We turn over about £750k a year but that has to support our family, six staff and 20 self-employed drivers.
“All I can say is thank God for Cashflow Protector! It really has been the answer to our prayers! It’s early days but we have already recouped £40,000, which is absolutely wonderful. And now people don’t only pay us, but they pay on time!
“The system is completed automated so it’s really easy to use. But it also takes away the stress of chasing bad debts and makes the company look more professional.”
Denise added: “We have some pretty high profile clients on our books including The Royal Mail, Amazon and dozens of Conference and nationwide League Football Clubs, which shows no-one is immune from cash flow problems.
“My only regret is that I didn’t know about Cashflow Protector four years ago!
“This second business award is really the icing on the cake for us. We’ve had some tough times, but thanks to Cashflow Protector we’re still here to tell the tale!”
