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Small business and SME leaders are missing out on the chance to grow their businesses by spending approximately a third of their days on tasks unrelated to core operations, new research has suggested.
A quarter indicated that they spend half their day on non-core activities, whilst one in 10 will only spend 10% of a normal day on activities that can help grow the business.
The research, conducted by small business advocate Ingenious Britain, also found that leaders and managers are often drawn into HR, IT, finance and training; meaning chances to stimulate business growth can often take a backseat.
But more than half of SMEs and small businesses stated that being able to grow their business and win new contracts was the biggest single challenge they faced.
Invoice Factoring for business growth
Are you finding you spend too much time chasing up payments from debtors? Could your business do with an external finance facility to help boost cashflow? Help may be at hand!
Invoice factoring, a type of invoice finance facility, gives businesses the chance to get access to money they have earned quickly and simply. Usually it can take debtors up to 90 days to settle invoices, as late payment culture has become engrained in UK business, but our facilities mean you can get access to that cash within 48 hours!
We can also provide your business with a specialised credit control team to professionally chase your debtors for payments, thus freeing up time for you and your staff to concentrate on growing your business.
Why not browse our website to find out more about how invoice factoring works and compares to bank facilities, or you could always give us a call on 0845 602 9354 for a chat.