Growth Street, an alternative business finance platform, has launched its free “How to Improve Cash Flow” tool. Designed for SME owners, the tool aims to understand the ‘pain points’ for UK SMEs when cash flow becomes an issue while providing insight about how to tackle these cash flow challenges.
“We want to offer much-needed support to small businesses at times when they require it the most,” explained Growth Street Founder and CEO Greg Carter. “The “How to Improve Cash Flow” tool aims to allow business owners to identify quick wins in their cash flow management and better position them to seize growth opportunities.”
The launch signals a development of Carter’s vision to give businesses the tools they need to grow. By answering a few simple questions ranging from business seasonality to main monthly costs, the free tool assesses company behaviour. Within minutes, an email is sent with analysis identifying specific areas for improvement.
According to the C2FO Working Capital Outlook Survey, at a time when SMEs are looking to streamline their finances, 55 percent of businesses surveyed say that cash flow problems are their biggest obstacle to business growth. The tool is aims to address this problem.
Last week Growth Street reported that its marketplace rate had dropped from 6.5% AER to 6.4% AER, rewarding borrowers with a 10bps drop in their costs of funds. The UK P2P lender attributes the drop to the momentum it has built on its platform, welcoming over 700 investors to date since the launch of its investment offering in November.