More choices needed for SMEs, says banking review
12 Aug 2016
A recent banking review by CMA, the Competition and Markets Authority, has shown that they want to increase competitive pressures on banks and put measures in place to deliver better banking services to SMEs. The report also shows that SMEs need more options to shop around when choosing a bank for their business, which may be different to the private account. SMEs should also be able to more readily have access to alternative lending facilities, rather than having to turn directly to their existing bank for finance.
Changing banks can be a big decision. Cashflow forecasting and budgeting models are becoming increasingly important, not only to help you plan your finances but they are commonly requested by banks and other providers of finance. In addition, external auditors are increasingly requesting forecasts to support directors assertion on going concern.
At Beavis Morgan, our specialists to SMES are available to provide long and short term forecasts, budgets, business plans, sensitivity analysis, and calculating and checking compliance with covenants.
Our partner business, BM Structured Finance, is also available to help with sourcing and restructuring debt finance for SME businesses. We match the most suitable products to each individual circumstance and work together to ensure compatibility and satisfaction, thereby enhancing the business’ cash flow liquidity and facilitating maximum growth.