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Lack of funding holds back 1 in 4 SMEs

1 in 4 small and medium-sized firms missed out on business opportunities in the last year because of difficulty accessing funding, research shows.

A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least 1 new business opportunity due to lack of funding in past 12 months.

On average, these missed opportunities cost SMEs an income worth £78,942 per year.

Medium-sized businesses were the worst hit, with 42% saying they had been significantly impacted by a lack of access to funding, compared to 32% last year.

Funding proved one of the most significant problems for SME business leaders, as 32% said their main concerns were funding and cashflow.

Meanwhile, 15% said they were most worried about late payments.

Carl D'Ammassa, managing director of business finance at Aldermore, said:

"It is deeply concerning that, despite the ongoing treasury select committee inquiry into sources of SME finance, the amount of businesses missing out on these opportunities has increased over the last 12 months.

"It is vital that lenders work closely with small and medium-sized companies to help them find solutions to their funding issues, ensuring new business opportunities are capitalised on."

Talk to us about funding your business.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.