Firms urged to plan ahead

Date: 17th June 2010

Small businesses operating in the UK could be among those to heed the warning of one finance body ahead of next week's Budget.

Bibby Financial Services has urged small businesses to plan ahead, saying that those that are prepared for changes will be more likely to survive than those that simply react to the changes.

Chancellor George Osborne is set to deliver his first emergency Budget at 12:30 on June 22nd and Bibby has warned that the speech is likely to include cuts as well as changes to funding options and tax breaks for UK businesses.

Edward Rimmer, the firm's UK chief executive, said small businesses are set to come under increased pressure as the government makes a series of cuts to reduce the country's deficit.

"Taking steps to improve cash flow can reap considerable benefits during these unpredictable times and businesses should not wait to see the content of the emergency Budget to address these issues," he said.

"Firms should be identifying where cash is tied up now to spot potential 'bottlenecks' and act to reduce their impact."

Posted by Thomas Fletcher