Small business confidence weakening

The likelihood of more small firms needing help with business debt seems to be on the increase. The Federation of Small Businesses has recently called for cuts in VAT in the construction and tourism sectors. This was a response to a fall in confidence as measured by their regular survey. International economic uncertainty had probably contributed to a collective feeling that there was less reason to be confident about the sluggish British economic recovery.

At Cooper Matthews we understand the difficulties many small enterprises are facing. In the absence of steady and impressive economic growth, lots of these businesses are finding it tricky to remain profitable. Indeed, some of them are accumulating business debt which could be hard to measure without external help.

When it comes to seeking assistance with reference to company debt, swift action can make all the difference. Dithering is a common response due to denial and so on, but a lack of urgency can mean that business debt services are sought too late to be of maximum use. It is important not to be paralysed by the lack of confidence which may be around you.

If help from a dedicated Insolvency Practitioner is obtained in time, a situation which was perceived as dire may yet be seen in a new light. An Insolvency Practitioner should have sector-relevant knowledge as well as being an expert in the financial field. They can present directors with a range of appropriate actions and can help carry out the remedial measures. Business debt analysis is best performed by someone with a certain distance from the firm itself.

In periods of lacklustre growth, a small company can hit big problems if a major supplier goes bust, for example. However, if a little breathing space can be provided, the impact of such blows can be diminished.

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