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Secure cash flow to help your business succeed in 2014

There are signs of economic recovery in the UK. Unemployment is down, inflation is falling and for the first time in almost five years, there is a possibility of an interest rate rise.

Recent surveys in the UK suggest that companies and small businesses are optimistic about the outlook for 2014. In the South-West, 88% of respondents felt ‘positive’ or ‘very positive’.

Measures designed to stimulate growth announced in the 2013 budget have begun to take effect, particularly in the automotive, energy and construction sectors. And all companies will benefit from the cut in corporation tax to 20% in April 2015.

A truly successful economic recovery demands an interest rate rise this year. Politically, however, this seems unlikely. Without an interest rate rise, inflation will increase, putting pressure on a consumer population which has already borrowed to excess and leading to an increase in personal insolvencies.

While consumer debt has steadily fallen month on month, it is now on the rise again. A report by the Bank of England in November 2013 put household debt at £1.43 trillion – higher than September 2008 levels. And businesses, too, will face increased pressures, such as rising fuel costs, overstretched working capital limits and unpredictable consumer spending.

So what steps can you take to ensure that your business succeeds in 2014?

One of your main focuses should be cash flow. Late payment and bad debt is the bane of any business but the effect on smaller enterprises can be especially bad. Many businesses are not large enough to have dedicated credit control resources and are, therefore, not so good at making sure they get paid on time. And although many debt recovery methods are available, many companies shy away from utilising them for fear of falling out with their customers or incurring large legal costs.

Everys’ corporate team specialises in giving practical advice to all types of businesses on how to minimise the risk of late payment and bad debt. We also offer a range of cost effective debt recovery options designed to get results fast. We take control of your debt leaving you free to concentrate on growing your business.

For more information and an informal discussion about how we can help your business, contact Emma Davy on 01823 362873 or emma.davy@everys.co.uk.

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