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SMEs must prepare for Bank holiday disruption to business PDF Print E-mail
Thursday, 30 April 2015

IGF Invoice Finance, a leading UK provider of independent commercial finance, warns SMEs that the long weekend could have a significant impact on their financial security. The two upcoming May bank holidays bring with them a reduced number of working days and take many finance managers out of office, just as outgoings peak at the end of the month. 

Tracy Ewen, managing director at IGF, warns: “Bank holidays are often a critical time for small businesses –as many managing directors and staff within the finance department extend the long weekend for city getaways and holidays. As a result, there’s a very real risk of payments not being made, cheques not being signed and, as such, small businesses often experience significant problems with cashflow.”

Even when business is booming, if large portions of sales are made on credit, actual cash that the business receives may remain low.

Mrs Ewen continues: “Small firms in the UK should prepare their finances and ensure they have sufficient cashflow before the bank holiday weekends, keeping in mind that with the end of the month also in sight, payroll, bills, rent and other costs may be due. Relying on clients to pay invoices on time is an unsafe option, especially given that, as a result of the bank holidays, the number of working days this month is reduced.”

To counter these challenges, small businesses still have time to use invoice finance – effectively, a cash advance on invoices raised – to enable them to prepare for the challenge of any potential cashflow problems that may arise over the coming weeks.

(Source - IGF Press Release)
 

 

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