Almost 70% of SMEs in the UK have now reported significant problems with cashflow as a result of the Coronavirus outbreak.
This because businesses are paying for supplies much sooner than usually anticipated because of coronavirus-related stockpiling and concerns over larger disruptions to transport links and overseas deliveries.
Payments are being delayed on orders and work that has been completed with three-quarters of business owners reporting invoices that were due to be settled at the end of February have still not been paid yet and that these were unlikely to be settled before the end of March 2020.
The impact of the coronavirus spread is being felt by SMEs across the UK as finance and supply chains are disrupted. MarketFinance have reported that over a third (36%) of business owners fear they won’t survive until Easter if they were unable to secure finance to give their business a liquidity boost. As economic conditions continue to fall and with the high likelihood of widespread quarantine across the country, businesses will need to have financial and operational continuity plans in place to protect their companies from failure.
To review the Business Continuity for your company so that you are prepared for your staff to self quarantine and be able to work from home, visit https://www.amazingsupport.co.uk/business-continuity-review
“At the moment cash is king and if businesses are being starved of this cash, it will leave them stranded. Whilst policy efforts play out to contain the spread of coronavirus, business owners should brace themselves for some turbulence and have a prepared mindset for the scenarios ahead.” Anil Stocker, CEO at MarketFinance
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