Almost without exception, headlines in recent weeks have centred around the pressures on household incomes against a backdrop of rising interest rates and the cost of living. This is already showing signs of impacting retail sales and the property market, and it would be easy for local business owners to feel concerned about the effect these pressures may have upon their own financial performance.

In light of this, a recent study by Lloyds Bank Commercial Banking caught my eye. The bank’s Business Barometer questions 1,200 firms each month to gauge how companies view their economic outlook and in its July survey, confidence in the East of England was ranked higher than in any other UK region. Commenting on the results, Dene Jones, regional director for the East of England at Lloyds Bank Commercial Banking, said: “Leading the way in business confidence among all UK regions and nations is no mean feat, and it is testament to the resilience of our firms here in the East. From speaking to businesses, we know many are prioritising building relationships with their customers and suppliers, as they strengthen their business prospects for the coming months.” He also highlighted that companies would need to keep a watchful eye over cashflow in the coming months.

In tandem with this, in Complete Commercial Finance’s 2022 Business Survey – the results of which we are set to launch early next month – 82 per cent of respondents said they are positive or very positive about their performance over the next 12 months. While rising costs, taxation and staffing are major challenges for local companies, the outlook is overwhelmingly positive among those who shared their views.

Interestingly, only around 40 per cent of our survey’s respondents have used cashflow finance, yet this is undoubtedly the biggest opportunity that companies have to shore up their economic performance during tough trading times. As with last year’s survey, the most common reasons respondents gave for putting off taking external finance was not knowing where to find the right type of lending, believing it would be expensive or a hassle to organise. All of these factors are easily overcome by working with an independent broker which can search the whole of market to find the right product on the right terms, promptly and efficiently.

There is no doubt that the next few months will be challenging for many businesses and individuals, but by planning now and taking the steps to prepare an effective financial outlook it will be easier to ensure cashflow runs smoothly and that reserves are protected during tough times. While remaining realistic about the challenges ahead, I find it hugely encouraging to see that so many companies in the East of England are positive about their business performance over the coming months and we are here to support anyone looking to use finance to maximise their opportunities.