West Norfolk Business Survey paints a picture of optimism in King’s Lynn
A lack of understanding of the availability and flexibility of trade finance could hamper the growth of businesses in the region, although most companies said they would likely need external financing in the next three years, according to a new business survey.
The regional business survey was undertaken by Lynn Complete Commercial Finance between April and early June and paints a picture of optimism, with respondents representing 12 industries.
In the survey, 91 percent of participants said they felt very positive or positive about how their business performed over the next 12 months.
Not surprisingly, COVID-19 is the biggest challenge facing 51% of businesses, with taxes and late payments also affecting the prospects of 29% of participating businesses.
Despite this, only two percent of those surveyed use the invoice discount which offers a flexible and convenient solution to improve cash flow.
“We were delighted with the response to our first business survey, a project that we plan to repeat each year to compare the attitudes of business owners,” said Karl Lanham and Michael Moore, directors of Complete Commercial Finance.
“The past year has been incredibly difficult for most businesses and it’s encouraging to hear how positive businesses are feeling about the next 12 months.
“Despite this, the study reveals gaps in companies’ financial literacy.
“Many businesses could take advantage of trade finance to improve their cash flow, but 29% of respondents say they don’t know where to find the right financing, worry about a bad credit history (29%), or think that it is expensive (24 percent).
“We’re here to help businesses find the right financing products and overcome credit problems, and our mission is to educate more businesses to view trade finance as a valuable business tool for growth. “
For more information and to view the full results of the comprehensive Business Finance Survey, please visit: ccf.finance