Rapid growth is coming, does your business have the stock it needs to capitalise on increased consumer spending this summer?
The Bank of England is forecasting that the economy will grow by 7.25% this year, which means that business in the UK will be seeing its fastest growth in more than 70 years. Does your business have the cash it needs to fund this growth?
The BoE also now expects the unemployment rate to peak at just 5.5% later this year, well below the 7.75% it predicted as recently as February. That means around 700,000 fewer job losses. The unprecedented government interventions during the pandemic have meant that UK households have now amassed more than £150bn in extra savings over the past year. The Bank expects at least 10% of this to be spent by the end of the year.
If your business is in a sector set to grow rapidly as this £15bn of cash is dumped back into the retail economy this summer, is your cashflow up to the task?
Stock from suppliers around the world remains scarce, and suppliers are looking for big deposits or even payment in full prior to dispatch on popular items. If your business needs cash to pay suppliers for your inbound goods, Seneca Trade Partners can help.
No one could have predicted this pandemic, or the effect it had on the economy. We certainly could not have anticipated the effect it would have on the demand for our stock finance facilities. We have been paying suppliers for stock on behalf of our UK SME clients for 5 years now, and we made over ten thousand payments last year alone. In pre-pandemic times, our clients used our supplier payment stock finance facilities both to fund growth, and to diversify their supplier base away from needing to use suppliers who provided trade credit.
However, during the pandemic this utilisation widened to businesses using our direct supplier cash payment facilities to secure scarce stock from suppliers, by being the customers who could pay quickest and pay in full. It’s a perfect use for our market-leading Stock Finance facilities, where the flexibility of the “on demand” nature of our facilities means out clients have complete control of when (or even if) they use the funds we put at their disposal. Our Stock Finance facilities put our UK SME clients back in control of their stock purchasing, and such control is needed now more than ever.
If you would like to find out more about our Stock Finance facilities, or apply for a facility for your business, please visit our website at www.senecatradepartners.com