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|Begbies Traynor outlines struggles with NLW, how can SMEs cope with this additional cost?|
|Thursday, 21 April 2016|
|Tracy Ewen, managing director of IGF Invoice Finance, comments on new research from Begbies Traynor about the National Living Wage: “This latest research from Begbies Traynor provides clear evidence of the extreme strain the National Living Wage is causing for businesses up and down the country, with companies that offer lower salaries or pay by the hour suffering the most. The retail, logistics and social care sectors have been particularly affected, leaving some businesses to explore drastic steps to rebalance their books. Despite the forewarning and planning time that preceded the launch of the National Living Wage, many businesses have been left with a reduced safety net of cash as a result of their increased payroll bill, meaning that any unexpected costs or vital investments could prove difficult to manage. It is crucial that small businesses explore all avenues of financial support during this time of adjustment. There are plenty of options available to smaller businesses that are struggling with a reduction in cashflow and who may need to bridge a financial payment at short notice. It’s imperative for these businesses to review their options thoroughly and take full advantage of any free financial advice available.”|
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