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Olympics and Jubilee could cripple cashflow, warns IGF
The Olympic Games and Queens Jubilee this year could cause serious cashflow problems for UK companies, warns IGF invoice finance, one of the UK’s leading independent commercial finance companies. Cashflow for smaller firms could suffer over the period as many finance staff and signatories (company directors) will be taking extended holidays so as to avoid the London rush or enjoy the entertainment that the Games and royal celebrations have to offer. In addition, many London-based finance staff may be unable to get into work or may have to work from home, which could also impact productivity.
Small businesses should consider invoice finance – effectively, a cash advance on all invoices raised - to enable them to meet the challenge of any potential cashflow problems that arise over the period.
Tracy Ewen, managing director at IGF, warns:
"The Olympics and Jubilee celebrations could cause a real headache for UK SMEs! A significant number of managing directors, clerical assistants and finance department staff may take the opportunity to take the time off as holiday leave or chose to work from home. As a result payments may well slow down which could cause real cashflow problems. There is also a real risk that payments won’t get made, cheques won’t get signed and small businesses will experience problems with cashflow over this celebratory period."
Ewen continues:
"During this period, many business owners will have to resort to costly bank overdrafts to see them through, or, worse still, the company credit card - both of which can exacerbate their weak cashflow positions in the short term."