Up to 70% of small businesses in the UK say that the burden of cash flow and admin has significantly hampered business growth.
That’s according to Allstar’s latest research completed with Censuswide, which surveyed 500 SME (small-medium enterprise) business owners to find out which issues are plaguing them as we head into 2025.
The research found that over half of those businesses (54%) refer general cash flow as an issue. Allstar wanted to find out which specific issues made their day-to-day lives harder as a smaller organisation.
We found that the primary culprit for cash flow issues was late payments on invoices, that’s according to over two-fifths (41%) of the small businesses we surveyed.
A third of businesses (32%) cited that making sure the bills are paid was a primary concern for cash flow, while 21% said that having access to emergency cash was top of their respective list.
Even more alarmingly, just over half of businesses said that they were wasting up to 6 hours every single week managing costs and cash flow. Over a quarter (28%) said that faster invoice payments would be key to helping their business save time, with 27% saying it would solve admin and cash flow problems.
Paul Holland, Managing Director for UK/ANZ Fleet at Corpay, including UK brand, Allstar, said: “It’s a tough climate for the UK’s SMEs; our insights show that one of the biggest issues that are impacting cash flow are late payments, something that kills 50,000 businesses in the UK every year according to the government.
“That’s why business owners and proprietors are increasingly looking for ways to simplify their operations and improve efficiencies, making these arduous tasks less work. An all-in-one solution achieves this by enabling more simplicity and easier management.”
“In doing so, SMEs can re-focus their attention to those big-ticket items that require their expertise and attention and will ultimately mean the business can focus on its own success and that of the economy. This way we all thrive.”
The solutions are out there for businesses who need a hand with cash flow during their day-to-day. Anything that can help reduce points of friction in dealing with admin and payments should be at the forefront of small business owners’ minds.
And with the UK government estimating that small businesses cover costs of up to £22,000 per year in late payments, leading to around 50,000 business closures a year, products like Allstar Plus could help drive down cash flow headaches.
Businesses could get up to 44 days of interest free credit* on all business purchases thanks to Allstar. An Allstar Plus card could also help reduce your admin workload, thanks to expense tracking across all company spend.
Find out more about the Allstar Plus card here, or apply in minutes here. Speak to a member of our friendly team at this link, or call 03452665101 to get an instant decision.
* Subject to status and a full credit check. To be eligible for Allstar Plus, your company must be incorporated (e.g. a limited company).
Download article
Related articles
or call
or call