5 financial actions every SME needs to get fighting fit

With Brexit looming, ensuring your business’s finances are in good shape has never been more important. Our experts have selected five financial issues every SME needs to work through, covering loans, current accounts, insurance and more. How many do your business still need to address to get fit?

According to the SME Resilience Index, 59% of UK SMEs think that leaving the EU will make it harder for them to obtain finance in the future.* If you’re likely to be looking for finance, now may well be the time to consider your options. Business Banking Insight will show you online which business loan providers are the most recommended by SMEs in independent research. We don’t sell. We don’t charge. We just help SMEs. Find the most recommended UK loan provider for SMEs

*SME Resilience Index – How to survive in uncertain times, Hitachi Capital, November 2016

With some business banking providers suggesting that they might start charging fees on business current accounts, now could be the time to review. Business banking providers big and small are constantly launching new accounts with lower charges and new features. What’s more, some of the smaller providers that you might not have heard of enjoy some of the best SME satisfaction levels. Compare the most recommended business current accounts

 

Your current business credit card could be providing you with a range of different functions; a means of facilitating staff spending, helping cash flow or even to temporarily finance operations. It might not, however, be the right one for you. New cards can include a range of benefits which may be more suitable for your business such as: improved online access and reporting, cashback, free additional cardholders and 0% on purchases and balances.

Remember, for a deal to be worthwhile, you must ensure that you pay the balance off in full at the end of each month. Don’t fall foul of interest charges which can, on some cards, cost your business upwards of 30% APR. Compare credit card providers now

If you've recently been turned down for finance, the Government has created a new programme to give you a second chance. Businesses that have been refused credit by a bank will be offered a choice to be referred to a new Government-approved finance platform where you will be offered a range of alternative forms of finance such as peer-to-peer lending and invoice financing as well as other business banking providers.

Many companies take on new staff, increase their stock levels and change wider risks but forget to update their insurance policy, risking not being covered. Worth checking your policy.

Now may also be the time to review your insurance provider – especially if it’s with the bank that supplies your current account. Few banks offer best value and great service across all their products. And with new options from specialist insurers, challenger banks and brokers coming to market all the time, it’s a good time to take stock. You can see how over 10,000 SMEs independently rated your – and many other insurance providers – here.

Business Banking Insight

All this information and more is provided by Business Banking Insight (BBI), a free, impartial, comparison website set up to help SMEs make better informed financial decisions. We interview thousands of SMEs quarterly about their financial services experiences to help you choose the right provider. You can search for recommendations based on product, sector, number of employees, region and how long the business has been in existence.

BBI is run by the British Chambers of Commerce, and the Federation of Small Businesses, alongside HM Treasury and other key stakeholders.

Start making more informed financial decisions today at www.businessbankinginsight.co.uk

 

 

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