A season for growth: Helping businesses to bloom this Spring
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.
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.
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.
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 or a multi-product funding solution
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
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.