The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Mark Prisk have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Keep a record of customers that dispute invoices so you can spot any who do so regularly as a way of avoiding prompt payment.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS that have to date been downloaded more than 320,000 times.

For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm

The number of businesses in the UK exporting goods and services has risen in the past year, despite many saying they are held back by ‘external barriers’, a survey has found.

The British Chambers of Commerce (BCC) questioned more than 8,000 businesses and found that nearly a third (32 per cent) now export goods, up from just over a fifth (22 per cent) last year.

However, the survey also revealed that businesses face a number of challenges in the UK’s export market that are holding back growth.

Of those that export, 63 per cent of businesses claim to experience obstacles, with access to finance, international regulations and red tape cited as the most common barriers to increasing sales. A difference in language and cultural barriers were also blamed.

According to the BCC, many businesses may be missing out on export opportunities to large and faster growing economies of countries such as Brazil, Russia, India and China. The survey confirms that the EU remains the top destination for UK exports, seen as a ‘traditional’ market with less regulatory burdens.

Speaking to the Telegraph, John Longworth, director general of the BCC, said: “We need to find ways to make our businesses think global.”

Large exporters are most likely to take advantage of upcoming and fast growing economies, while small businesses are unlikely to penetrate this market, or view them as a potential opportunity for growth.

Figures from the Confederation of British Industry (CBI) found that only four per cent of the UK’s exports go to faster growing economies, compared with 11 per cent of German and US exports. In addition, only one in five SMEs in the UK currently exports, compared to one in four in the EU.

The BCC is now calling for faster implementation of the European Commission’s Single Market Act to make it easier for Britain to export to the EU. It includes measures to boost e-commerce, make it easier to obtain EU patents and to simplify the process in which SMEs can bid for public contracts.

David Kern, chief economist for the BCC said: “The global environment will continue to pose serious challenges for our exporters at a time when they are trying to maintain their positions in international markets. British exporters have major untapped potential but the government should do more to help them overcome the obstacles facing them.”

Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clicking here.

The UK’s short-term business prospects have improved, with the consensus on current trading reaching a 12-month high. However, the eurozone crisis has cast a dark shadow over longer-term growth prospects by undermining UK business confidence, according to the latest Business Trends report by accountants and business advisers BDO LLP.

BDO’s Output Index, which reflects the current experience of UK business people and therefore predicts GDP one quarter ahead, climbed to 96.7 in May from 95.8 in April. This is the third consecutive month that the index has climbed above the 95.0 mark that indicates growth, and stands at the highest level seen for a year. This suggests that the UK will experience growth from the middle of 2012.

Conversely, BDO’s Optimism Index has dropped for the third consecutive month, from a peak of 98.0 in February to 95.5 in May. The index measures business performance two quarters ahead and suggests that UK businesses expect growth to tail off later in 2012.

Peter Hemington, Partner, BDO LLP commented: “Given that half the UK’s export goods go to the eurozone, it’s hardly surprising that the ongoing turbulence there is denting longer-term growth prospects here. The biggest issue for UK businesses at the moment is that the strength of the pound against the euro has made UK exports much more expensive, significantly denting export and growth prospects.”

Against the backdrop of longer term uncertainty, this month BDO’s Employment Index has also declined, to 94.9 from 95.5 previously. Its return to below the 95 level points to continued weakness in the labour market, indicating that employment may fall in 2012.

Peter Hemington continued: “While the UK economy is currently doing ‘OK, considering’, it’s clear that UK business people are worried by the eurozone crisis and are scaling back plans for hiring and investing. This massively threatens the already fragile growth prospects for the economy.

“The Government’s plans to shrink current spending by the State remain a necessity, but a fantastic opportunity is being missed to build high quality infrastructure cheaply, taking advantage of the very low borrowing rates that the Government can source currently. More energy and imagination than we have seen so far is required to access this opportunity, with the key additional benefit this would bring in terms of stimulating growth and employment. More of both are sorely needed at the moment.”

Please note: Information in this blog post is content property of Business Credit Management UK (www.creditman.co.uk) and the full original article can be found by clicking here.