The recent Lloyds Bank Business Barometer reported a fall in business confidence by 3 points to 25%, as inflation reaches its highest level for 40 years, with the cost on living pressures continuing to grow, 66% of firms quoting inflation as having the most negative impact, now is the time to assess your business risks and operational resilience.
The impact on the economy and UK treasury has not gone away for many business owners post covid, nor has the impact on the taxpayer, who will be footing the bill for generations to come;
- 16,000 businesses that received bounce back loans have gone bust at a cost of £500 million to the taxpayer
- 114,700 SME’s owing £3.2billion have fallen into arrears with covid loan support from the taxpayer
- With a further 61,475 loans in default, with a potential cost to the taxpayer of £1.9 billion
The BIG Question for business owners?
What support do you need as business owners; financial and non financial, and where is this much needed advice and support coming from?
Business advisors now more than ever need to step-up to provide the support that is needed. However, you can not provide business support until you know where this support is most needed.
After all, you don’t go into battle without first undertaking a risk assessment.
How can Risk Dashboard help?
Risk Dashboard is working with strategic partners in SaaS solutions that address key SME challenges that can assist in creating the ultimate SME survival framework;
- Lowering business operating costs, in particular energy costs
- Delivering effective cash-flow management
- Customer engagement, so often overlooked in times of crisis
- Companies looking to secure fresh funding – whether that’s debt or investment
- Managing credit risks and reducing your debtor days
- Business underinsurance – when the level of insurance taken out is not enough to cover the cost of rebuilding, repairing or replacing insured items following a claim. (If an insured asset has risen beyond the value declared in an insurance policy creating an underinsurance risk, especially affected by higher rates of inflation).
Risk Dashboard can help. As a specialist provider of analytical solutions to the accounting sector, we deliver real-time evidence based continuous analysis for improved reporting and decision making for accountants, business advisors and their clients.
If you would like to know more about how Risk Dashboard and our strategic partners can support your business navigate the next 12 months please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk