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What can help SMEs shine in the post-Brexit marketplace?

Commentators are queuing up to point out that the post-Brexit slump hasn’t occurred. However, it would be unwise to count our chickens too soon. Alternative finance is vital to SME growth in an uncertain climate.

Three months on from the shock result of the EU vote and the doom and gloom that many forecast hasn’t materialised. According to the GFK barometer, customer confidence has bounced back to pre-Brexit levels and Enterprise Nation research shows that UK small businesses are taking advantage of the drop in the value of the pound and exporting more. After an initial decline, the business environment has shown improvement and is looking more settled.

This news is obviously positive but we shouldn’t start hanging out the bunting just yet. The market signs are encouraging but the market is coming back from a dip, so not too much should be read into any upturn, especially as the consequences of Brexit are still unknown. Yes three month has passed but it is still unclear what the vote to leave will mean for the country and the economy. It appears that the government has no clear picture of how Brexit will affect the UK and its business sector. A hard Brexit could be very damaging for SMEs, while a less harsh Brexit could be just plain damaging. The point is that we don’t know.

This uncertainty is obviously not ideal for SMEs, which is why a solid financial strategy is essential for development, whether it’s taking advantage of export opportunities now or planning for potentially tricky domestic market conditions in the mid-term. Access to finance under such conditions needs to be affordable and easy, and services need to flexible and transparent. They have to work in SMEs’ favour.

That’s why alternative finance, led by the likes of invoice finance, asset finance and peer-to-peer lending, has such an important role to play for SMEs. Recent indicators have shown just how vital the sector is and its significance is only set to grow further.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.

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