Midlands companies have edge over rest of the UK
The last 12 months have been turbulent for the UK economy, not to mention the rest of the world. You only need to look at a graph of the Sterling exchange rate with the Euro and the US Dollar to confirm this. However despite all the challenges, it seems the UK economy does show some signs of growth and we have seen this in the Midlands in the last 3 months. It is important to stay up to date with the latest figures and predictions in our sector, so two members of staff attended the Midlands Perspectives’ lecture at the end of January at Birmingham City University.
Both returned from the lecture feeling very positive and were able to give a feedback session to the team on what they heard. The main theme from the event was the Midlands are outperforming the UK’s average rate of growth due in the main to the automotive industry. At TAEFL this was exciting to hear because we are very passionate about the Midlands and believe there will be exponential growth in the next few years.
SMEs we have been working with in 2016 supplied more goods to larger companies in the Midlands which have allowed them to fulfil orders which could not have been possible without us. Funding an order to a larger company often opens the door to develop more sales and a partnership which is mutually beneficial
Quite often SMEs fail to grow because they are unable to take on larger projects due to restricted capital. They are unable to raise funds with a traditional lender such as a bank because they are seen as ‘higher risk’. This stunts their growth which is very frustrating for companies which offer very good services but cannot maximise their potential. This is where Trade Finance fits in. In simple terms trade finance gives businesses capital to grow and complete orders whilst optimising their cashflow situation. Our vision is that no company in the Midlands or anywhere else in the UK, should limit themselves to only small orders.
Trade Finance is not a well known service to SMEs and this needs to change. We have the challenge to raise awareness of it to SMEs so we can help them and grow their business. In 2017 we have some exciting new developments for the company. These include new branding, a new website, a business consultant joining the team, new training programmes in house and a new bespoke system to assist in streamlining our operation.
So despite the tough 12 months the UK has had, the future for trade is looking better, stronger and more secure. Moreover the improvements we have implemented will mean greater help for SMEs across the country and even better, more profitability for our clients.