The weather is warming up and with Spring in bloom, businesses are starting to see new shoots of economic optimism. The struggles faced over the winter period - from increased overheads to staff and skills shortages - may not be completely behind us just yet, but as we move further into the year, many businesses are ready to dust off those investment plans and consider alternative finance solutions in helping to bring those plans to life.
The budget springs new optimism on SMEs
With the arrival of Spring comes a new sense of optimism and confidence for businesses. In the Spring Statement earlier this year, the Chancellor shared the good news of a recession avoided and inflation predicted to more than halve by the end of 2023. Whilst it brought a collective sigh of relief, for businesses there was more good news to come. Measures were announced to help SMEs up and down the country take their next step forward in innovation, sustainability and to help gain the staff and skills they need.
Government policies helping businesses to sow the seed for investment
There were lots of headline grabbers in this year’s Spring Statement, but one of the biggest of all was the Office for Budget Responsibility’s (OBR) predictions that the UK will not enter a technical recession in 2023. Narrowly avoiding a recession this Spring brings with it the prospect of a steadier economy in the next financial year, making now the perfect time for businesses to act on their investment plans with confidence. In his Spring Statement, the Chancellor talked about the need for risk-taking to advance our businesses, our economy, boost productivity and create new jobs. Here are just a few of the measures introduced which will impact businesses:
Full capital expensing was brought in which aims to give businesses the confidence to make those all important investments in technology, so they can grow and prosper.
The introduction of ‘returnerships’ for the over 50s is set to encourage retirees back into the workforce.
Sustainable Tax Relief
In a bid to reduce business’ energy use by 15%, the Chancellor revealed a £60 million Climate Change Levy tax relief scheme on energy efficient measures for businesses.
Letting confidence bloom
You may have noticed a number of new initiatives were introduced to promise greater investment in the workforce to try and help curb the increasing skills shortage and employment gaps. We hope this new focus should lift many stagnant businesses out of their lull and encourage them to invest, innovate and take their operations to the next level.
With business confidence comes the opportunity to flourish and with the right working capital, alongside support from the Government, now is the perfect time to do so. Alternative solutions at Time Finance can support a business in a number of different ways whether that’s Invoice Finance, Asset Finance, Business Loans, Vehicle Finance or a multi-product funding solution like Asset Based Lending. 
Nurturing your investment
While the Government’s new initiatives aim to support businesses, having access to the right financial solutions alongside this will be vital. Specific tax reliefs and support for the economy is welcome news, but for those businesses needing a cash injection and tailored financial support now, alternative finance packages will be the answer. Whether specific multi-product packages or solutions which meet a more individual need, alternative finance can help to shape business’ growth plans and enable them to take the necessary next steps.
What the last few years have taught us is that businesses need to expect the unexpected, keep on their toes and always have sound financial planning in place - in preparation for any unexpected bumps in the road. We at Time Finance are on hand to support business' cashflow problems, asset and equipment investments and help with any invoice delays. At Time Finance, we consider flexibility and a tailored approach to be absolutely vital to the support we give to businesses, and we work hard to truly understand a business before embarking on a package solution to suit their very specific needs.
While the economy is not yet out of the woods, there are lots of reasons to be confident. Equipped with the right financial solutions and an increased confidence from the Spring Statement this puts businesses in a great position, giving them the legroom they need to make bolder choices, take new risks and contribute to economic growth.