Compass Business Finance has revealed it will be working with businesses to provide cashflow support, helping them to face both the energy crisis and the rising cost of raw materials.
The SME Confidence Tracker Survey reported that 79% of SMEs believe that the current economic climate is worse than during the pandemic.
Founder Mark Nelson said, ‘We’re seeing businesses being forced back into survival mode, again, many of whom are having to take urgent action to navigate their way through a whole host of critical issues. Following the mini budget, businesses have been provided with some short-term relief, however, many of our customers are looking for longer term solutions.’
Compass put together a discussion paper on mitigating the energy crisis, looking at practical steps and ideas for managing businesses through the crisis and to advance towards their sustainability goals, including examples from RMC Digital and Browns Print.
Speaking about its solar project, Nicole Spencer, managing director of RMC Digital, said, ‘Our energy costs this summer were half what the usually are, and although we had originally estimated a 5-year payback, rising energy costs have meant that the return on investment has been much quicker.’
