Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
CLOSE

Press Releases

SME owners need a year’s financial buffer to feel safe: despite existing debts

Published

on

With interest rates expected to rise during 2018, over four in 10 admit to having no such backup and average monthly debts of £3.6k   

Nearly a third (28%) of small business owners don’t feel financially confident unless they have a buffer big enough to cover running costs for a year, according to new research* from merchant services provider Paymentsense (https://www.paymentsense.co.uk). The study found that despite this, more than four in 10 small business owners (41%) admit to having no such buffer in place, meaning as many as 2.3m UK small businesses may have no financial backup plan.

This ‘financial confidence gap’ between what business owners need to feel secure, and what they actually have, comes after the British Business Bank published a report revealing that small business confidence and demand for finance are declining.

The government-owned development agency found the proportion of businesses confident of loan approval fell recently from 58% to 43%. The report also highlighted that lending was flat to small businesses in 2017.** These findings arrive at a time of uncertainty over European trade negotiation outcomes, and reports of an expected medium-term interest rate increase.

For those businesses that do have something in reserve, Paymentsense found that the most popular backup is cash savings – held by nearly six in 10 (59%) of prepared businesses. A third (34%) said their buffer included property and nearly a quarter listed an overdraft (23%). Plant and machinery featured for a fifth (20%), with 17% using business credit cards.

Michael Foote, who founded UK price comparison site Quote Goat (https://www.quotegoat.com) in 2015, said: “As a small business owner, feeling financially secure has always been one of my top priorities. For me, this means ensuring I have a cash buffer that covers company costs for at least half a year, to safeguard against potential cash flow problems.

“Initially it was difficult to build and meant taking the bare minimum out of the business whilst it grew. However, it’s let me focus my efforts elsewhere in the business, enabling Quote Goat to successfully compete against larger competitors in the industry.”

The Paymentsense study also found that almost two thirds (61%) of SME owners are in debt, with monthly repayments averaging almost £3,600 (£3,589). What’s more, over half (55%) admit to deliberately paying suppliers and partners late to ease cash flow problems. More than a fifth (21%) said they do this at least once a month.

Guy Moreve, head of marketing at Paymentsense, comments: “We know that feeling financially confident is critical for small business owners. Aside from helping you sleep at night, it enables accurate long-term fiscal planning for growth rather than just survival. Having a buffer is just part of the picture. Cash flow monitoring and proactive credit control are also essential. However, we’d caution against routinely delaying invoices to partners and suppliers, as it risks damaging important business relationships.

Working with over 60,000 small businesses across the UK, we understand their financial anxieties. Despite recent drops in the rate of inflation, a future increase may lead consumers to become more cautious with their purchases, and would make existing business loans more expensive to manage for SMEs. With this in mind, having a buffer makes great business sense. Actively setting aside a little each month will help balance slower trading periods, and unforeseen expenses. Even something as simple as a weekly cash flow report can provide insights that will enable you avoid future problems.”

The most popular financial buffer

 

Cash Savings 59%
Property 34%
Overdraft 23%
Plant / machinery / equipment 20%
Business Credit Cards 17%
Asset-based lending / factoring/ invoice finance 16%
Bank Loans 14%
Stocks and investments 13%
Help from family and friends 8%
Government funding scheme 8%

 

* Commissioned research took place in January 2018 amongst a nationally representative sample of 504 small business owners.

**Comparing the three months to August 2017 with the three months to November 2017. https://www.ft.com/content/9c5b9b56-1599-11e8-9e9c-25c814761640

Reference for inflation levels:

http://uk.businessinsider.com/uk-inflation-rate-in-february-brexit-2018-3

British Business Bank: Small Business Finance Markets Report 2018

https://www.british-business-bank.co.uk/research/small-business-finance-markets-report-2018/

For more information please contact:

Liz Naven / Ben Crispin

Fugu PR 

T: 01273 327 514 

liz@fugupr.com / ben@fugupr.com

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Press Releases

BXB Exchange A new cryptocurrency trading platform has entered the scene to offer services as a digital currency exchange

Published

on

BXB Exchange
Talinn, Estonia: A new cryptocurrency trading platform has entered the scene to offer services as a digital currency exchange. BXB Exchange launched its platform with more features than other similar services, to cater to cryptocurrency investors and traders who are looking to exchange digital assets such as the popular Bitcoin. BXB boasts of a number of advantages in using the platform over existing services. These features include auto-trading, tap trading, options trading and futures trading. The platform is built from the ground up, giving users the most secure and efficient trading experience. The featured tools such as auto and tap trading make trading effortless, with hotkeys that help short-term traders get in and out of trades. The options trading feature, on the other hand, is designed to be simple enough for new users and comprehensive enough for even the most experienced traders. And lastly, the futures trading tool gives a 1% price change in the market a chance to give a 100% return in pocket. The company recently announced that IMChat will be launched on BXB Turbo, as the platform’s first initial exchange offering (IEO) project. It’s an instant messaging application that’s designed based on blockchain technology. The successful integration of instant messaging and blockchain support crypto wallets, payments, transactions, and digital currency red pocket, while providing optimized instant messaging experience. This feature will be launched together with the platform’s trading products that include futures and options trading. According to BXB Exchange CEO Kwan Phik, “IMchat is a very solid and mature project. They have market-proven products and a significant user base which gives them a large development space in the IM industry. Among the many projects that we have reviewed, we are very excited about IMchat in particular. We are very happy to have them as our first project to be launching on BXB Turbo. We are looking forward to seeing the success of IMchat." BXB Exchange is an Estonia-based financial and blockchain tech company that’s made up of a team from Wall Street’s top quantitative hedge fund and traditional financial trading technical experts. The company has extensive experience in understanding the underlying structure of cryptocurrency exchange, such as security mechanisms, liquidity market making, and ultra-low latency systems.
`
Continue Reading

Press Releases

Taklimakan Network Is Disrupting Social Media Using Blockchain And AI Solutions On A Fully Operational Platform

Published

on

If you’re a cryptocurrency investor, trader, or analyst, you might want to pay attention to Taklimakan Network new beta Platform. It’s definitely set to change the game. Following innovative business models like AirBnB, Uber, and Amazon, Taklimakan will take the community by storm. This innovative crypto platform will transform the way you do business in the cryptocurrency market. Created by trading and IT development leading professionals, it’s a one-stop solution for all levels of cryptocurrency users, ranging from beginners all the way up to experts. Simplicity, usability, modern design and user-friendly functionality make the platform an indispensable tool for exploring the cryptocurrency industry, investing and building your own business of any category. One of the most exciting aspects for users is the ability to meet other blockchain enthusiasts. The platform uses a social networking function to facilitate this. There are already 8,000 users on the platform without any marketing efforts! This undeniably shows the popularity of the platform. Taklimakan Network is currently using over 10 different marketing streams to get the product noticed and will keep expanding. With such efforts being deployed, the one million users milestone is not far behind. The platform’s audience is very diverse. Everyone will be able to find interest and any information they need, no matter what language they speak or what country they live in. Gone are the days of shuffling around the web using numerous sources to get the information you need. Taklimakan has prioritized ease and efficiency to serve you best.

State-of-the-Art Platform Functionality:  

  • Investment: Users will be able to ask and attract investment from other users
  • E-commerce Marketplace: Users will be able to make purchases and sales using cryptocurrency on a variety of shops
  • Crypto Map
  • Gamification: Users will be able to compete with each other within the platform
  • Chat: Users will be able to communicate with each other in real-time
  • News: News aggregator with automatic publication of cryptocurrency news from top sources in a variety of languages
  • Market: Cryptocurrency market statistics, capitalization, indices, cryptocurrencies charts and exchange rates, where you can run different comparative analysis
  • Trading: Trading signals, strategies, technical and fundamental analysis from top experts of the field are included
  • Analytics: There will be analytical reviews and tools
  • Education: The platform includes a library with articles, courses, video lectures from top crypto experts
  • Blogs: Users are able to create and monetize blog posts
Taklimakan Network is on a mission to enhance crypto education around the world. Beginners can increase their investment skills in trading and investment, get professional analysis of blockchain startups and increase their capital, all by interacting with this new product.   About Taklimakan Network: Taklimakan Network is your compass in the cryptocurrency world. This is a global project aimed for blockchain industry promotion and development, as well as introducing cryptocurrency to the masses! Platform users can increase their level of crypto literacy and learn practical trading skills. Taklimakan is a multinational company with a marketing plan tailored for each region of the world. With their huge community of supporters, including famous traders and bloggers, they will no doubt reach new heights with their business.   Connect with Taklimakan Network: Try beta here – https://taklimakan.network/ Watch on YouTube - https://www.youtube.com/channel/UCm1TgNL5iGJLsQ3L59sdDnA Follow Taklimakan Network on Twitter – https://twitter.com/taklimakan_net Find Taklimakan Network on Facebook – http://fb.com/taklimakannetwork Check out the official Taklimakan Network Telegram – https://t.me/taklimakan_news Read about Taklimakan Network on Medium – http://medium.com/@taklimakan Discuss Taklimakan Network on Reddit – https://www.reddit.com/user/Taklimakan/   Media Contact   Contact Name: Berik Yernazarov Contact Email: berik@taklimakan.network  
`
Continue Reading

Press Releases

Get A 24/7 Telephone Answering Service With W1Office

Published

on

By

W1Office
They say that everything in life is virtually possible. One company W1Office has decided to take this quote and make it their slogan. We are talking about W1Office - a reliable phone answering company which helps business owners by patching their calls directly to their teams anywhere worldwide. But before we talk about W1Office, let’s see what a phone answering service is and present some of the main benefits.

The Importance Of Having A Phone Answering Service For Your Business

For many business leaders and owners, the pure significance of establishing healthy relationships with clients and customers lies in communication. Today, communication is mostly done online or over the phone. And while you are supposedly having your online channels covered - the phone communication is something that is mostly left for the end. With a phone answering service, you can:
  • Get a call answering expertise from a professional team
  • Get reliable customer support that works for you through call answering
  • Get support with your flexible working hours
  • Get 24/7 coverage for your phone lines
  • Turn callers into sales
  • Bring personality to your phone communication
And many others... With W1, you can save while spending and design a system in which you fix your costs and get a professional first line of response including allowed calls, operator charges, patching fees, email messages and even smart SMS notifications.

What You'll Get By Choosing W1Office For Your London Phone Answering Needs

Their phone answering packages in UK start from £300/month - a price that gives you exclusive features such as:
  • Your own 0207 local london phone number
  • A live answering service with FREE operator and FREE patching
  • Scripts that are tailored to your needs
  • Bespoke staff working for you
  • Comprehensive tariffs
  • A call centre open 24/7
  • Perfect comfort for companies with known caller traffic
Sophisticated and business-friendly, W1Office has plans that put expert virtual assistants in charge of your communication - helping you close more customers, be present 24/7 and be more focused on your business than ever before. All while you do the things that matter most to you. If you are interested in hiring W1Office or getting a personalised quote for your needs, visit this link.
`
Continue Reading

Press Releases

Trade On YorkBit Today: A Legit Broker With Low Fees

Published

on

By

YorkBit is one of the most popular financial services dedicated to providing you with exceptional individual trading and other investment services provided by a team of highly skilled and experienced professionals. The crypto broker platform was established in the UK by a professional team with many years of experience in the field with the goal to provide you with a new and slightly different experience in the trading world. The process of trading digital currency allows for a low cost, fast and private trading experience by opening an account in ETH, LTC, and BTC. Make sure that you choose the right currency since you cannot change your selected options after the registration. The platform offers its users to global access to crypto markets by using digital currency outside of the traditional system via their award winning and sophisticated platform. Speaking about the platform, it is important to note that beginners find it very attractive to use because of its simplicity.

KYC Policies

Know your customer policies are becoming extremely important in the crypto world in recent times, especially for banks and other financial institutions because it is believed to be the best tool for fighting identity theft, financial fraud, and money laundering. This is why YorkBit has zero tolerance for financial fraud or crypto fraud so the company takes all of the needed measures to prevent anything like that happening. If the platform notices a fraudulent activity, it gets documented and the account gets instantly closed but also the funds found on that account get confiscated. YorkBit works hard to protect the integrity of sensitive data such as all account information and transaction data by using multiple security measures and tools. For this reason, when opening your account, you need to choose your deposit method.  

Deposits

You can make deposits on YorkBit thorough a debit or credit card, wire transfer or via the exchange’s altcoin and bitcoin option. The minimum withdrawal amount is $100 and the minimum deposit amount is $200.  

Safety

YorkBit treats all of the data with the highest level of security and treats the documentation with utmost respect and confidentiality. The data is kept safe by using the highest possible level of encryption. This company is among the leading brokers in the UK and it is extremely popular among experienced traders but also among beginners. It quickly became one of the fastest growing online trading platforms for cryptocurrencies since they updated their platform to a more user-friendly interface in 2017.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





ADVERTISEMENT

cryptocurrency review

ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT

UPCOMING EVENTS RECOMMEND BY DC FORECASTS

july

No Events

NEWS CATEGORIES

ADVERTISEMENT

Trending Worldwide

X
X