Is business all about money or is there more to it?

A sense of personal satisfaction in taking the bold decisions that will see our business grow, in dealing ethically with our staff and customers, contributing to the prosperity of our local area, surely all these aspects are almost equally important to most business owners.

Above all though, what the majority of businesses want is a stable economic climate in which to enable clear decision making and growth, and yet another poll, this time the general election, coming so closely on the Brexit vote, has created an atmosphere of uncertainty leading to a wobble in the otherwise positive growth forecasts for the UK economy.

The general election seems to have delayed decision-making, leading to softer new business growth, further amplified by increasing pressures on household budgets. Indeed the latest service sector PMI from IHS Markit revealed a slowdown in business activity in May after first hitting a four-month peak in April with the index down from 55.8 to 53.8 last month.

Businesses should take heart though, and note that market analysts see this as only a temporary blip, the underlying strength of the UK economy has seen the World Bank upgrade its forecasts for UK growth over the next three years as a result of a stronger global backdrop that will boost the British economy despite its weak start to the year.

Economists at the Bank expect the UK economy to grow by 1.7pc this year, upgrading their predictions from 1.3% This is only slightly below last year’s expansion of 1.8pc, and up from a forecast of 1.2pc in January.

IHS Markit’s chief business economist Chris Williamson agreed, pointing out that the economy had gained some momentum in the second quarter of the year.

“The three PMI surveys are running at levels that are historically consistent with GDP growing at a robust 0.5% rate, albeit with the slowing in May posing some downside risks to the near-term outlook,” he said, continuing that a further positive note is added by the data showing the tenth month of sustained job creation.

UK businesses need certainty, small businesses form the backbone of our economy and against all odds they are stepping up to the plate to make the most of a post-Brexit Britain. If they succeed in their efforts, they will need finance to lubricate the wheels, encourage growth and improve productivity. Interest rates are at record lows, while funds are available and accessible. Small businesses just need the confidence and support to reach out and grasp the opportunities that are available, and there are plenty of opportunities out there too.

Sources of funding in the form of loans are many and various from friends and family, high street banks who are much readier to lend than hitherto, government backed initiatives, peer to peer lending, crowd funding, even a temporary top up from your credit cards.

If however the spectre of economic uncertainty is still troubling you and preventing you from making the decisions necessary to expand by investing in new equipment or larger premises in order to fulfil that exciting new order, there are courses of action you can take.

Many companies fund their expansion through Asset Finance, a form of finance that is either secured against existing premises or equipment or against the new equipment you need to buy.

Still bothered that you may make the necessary investment but that the customer will default, leaving you with the goods and a workshop full of brand new barely used machinery, well there is a simple way to guard against that eventuality, Credit Insurance.

Credit Insurance protects against non-payment of your invoices by carrying out a background check on the customer and assessing their credit worthiness from the outset, and then making good on any default on your customer’s part.

They say fortune favours the bold, and it is the bold who are continuing to grow and invest, taking the opportunity provided by low interest rates to, perhaps build a commercial property portfolio or indeed to expand their own business through complementary acquisitions.

These are the businesses which when stability returns to the market will be best placed to move forward and do what they do best, growing their businesses, creating employment and building a prosperous future for UK Plc.