While every family business needs to plan for the future, conversations about what this means in practice aren’t always easy. The Logan family of hit TV programme Succession springs to mind as one example of how not to hand over a business from one generation to another. One of the primary strengths of family businesses, however, can lie in their long-term perspective. Family-owned enterprises often prioritise sustainability over immediate gains, whilst aiming to leave a positive legacy for future generations. Yet succession planning can be a delicate process; and planning ahead is not just needed as we get older and potentially lose the capacity to make decisions. Illnesses and accidents can change the fortunes of a business overnight. Conversations about such risks are vital to protect the long-term future of a business. Here are our three top tips for any family firm planning how to manage potential capacity issues, illness and lasting power of attorney. 1. Communicate, Communicate, Communicate The first step is to have those potentially difficult conversations that are easy to put off. When publishing a report about the families that STEP members advise, and their wealth and succession planning needs, we asked what one piece of advice they would give. Respondents overwhelmingly identified communication and, in particular, early and open conversations about planning and succession within families. This means putting aside time for everyone concerned to have an honest, open conversation about succession planning. This can avoid upset in the future, which will benefit not only those crucial family relationships but also the business and its legacy. 2. Protect Your Business With A Power Of Attorney Individuals can lose mental capacity because of dementia or sudden illness, such as a stroke. Fortunately, a Lasting Power of Attorney (LPA) allows you to nominate someone to take decisions on your behalf. There are two types: one for health and welfare matters, and another for property and financial affairs. However, it’s much less well known that an LPA can be put in place for a business. Sudden illness of the owner could have serious ramifications, so we strongly advise anyone involved in a family business to set this up. If a business owner does not have an LPA and they lose capacity, the Court of Protection will appoint a ‘deputy’ who will have the power to run the business. This process can take several months; plenty of time for the decision-making processes and daily operations of a business to fall apart. Conversely, putting a business LPA in place ensures that a person you know and trust will take the reins immediately. As with personal LPAs, it is very important to choose the right person. 3. Don’t Wait To Take Action A recent STEP survey found that the majority of solicitors and professionals have witnessed first-hand instances of actual or suspected financial abuse of a vulnerable person. A whopping 70% of STEP practitioners in the UK – including solicitors and those helping clients with estate and wealth planning – have observed instances of financial abuse or suspected financial abuse. The report also considers growing mental incapacity issues among an increasingly ageing population. Cases of dementia are set to triple by 2050. In the UK alone, there are more than 900,000 people living with dementia and The Alzheimer’s Society estimates that this will rise to 1.6 million by 2040. This underlines the importance of having an LPA in place and choosing someone you really trust. This may be a lawyer rather than a family member or friend. We urge those managing family businesses to seek expert legal advice and appoint only the most trusted family members, friends or legal professionals to act as representative. Preparing For Any Eventuality Lives can change very quickly and even the best laid plans may not cover every eventuality. If your family business needs to remove a director due to sudden illness, for instance, it’s important to navigate the process of applying to the Court of Protection to appoint a deputy. We would also welcome wider cross-border recognition of LPAs, which will benefit an increasing number of families whose assets are spread across different countries. Family businesses are a significant contributor to the global economy in terms of employment, income generation, taxes, wealth and philanthropic endeavours. They contribute significantly to both local and international economies. Logan Roy and his offspring in Succession scheme amongst each other to take over their family-owned media conglomerate, proving that it can be a messy thing being in business with family. But with strategic forward planning, it doesn’t have to be. Forward planning can ensure your business continues to flourish for generations to come. About STEP - STEP is the global professional body for inheritance advisors, with over 21,000 members in around 100 countries. STEP helps families plan for their futures, from drafting wills to issues surrounding international families, protecting the vulnerable, family businesses and philanthropic giving.

Manufacturers find recruitment challenge easing – with two thirds of companies filling the majority of their vacancies, up from 43% last quarter, but long-standing skills challenge again cited as the main barrier to securing new staff according to the latest research from Make UK. Key Findings: 83% of manufacturers attempted to recruit new staff in Q2 – and more manufacturers (67%) were able to fill most of their vacancies compared to any point since end of 2022 Biggest barriers still lack of candidates with the right skills (65.6%) followed by lack of applicants with right qualifications (31.9%) 33% of companies have increased pay to the new living wage level – a hike of A third of companies say employment costs now count for between a quarter and half of their total business expenditure The employment picture is on the whole looking a little healthier, with manufacturers across the board reporting an easing of recruitment pressures with more vacancies being filled than at any point in the last two years. However, Britain’s manufacturers are still facing the long-term skills challenges which have held businesses back from growing to their full potential for the last few years, according to Make UK’s Q2 HR Bulletin. Just over 65% of companies could not find candidates with the right technical skills needed for the roles advertised, while 31.9% of those questioned told us that they were also struggling to find people with the right qualifications. The brighter recruitment landscape is through to be as a result of a combination of reasons -with companies citing better staff retention and older workers coming back into the workforce as a contributary factor. Sickness absence has come down and is combined with lower pressure on pay demands, although 33% of businesses told us they had increased pay to the new national living wage level. More companies than ever have reported that they have fully embraced flexible working for their staff which is helping significantly with retention. Jamie Cater, Make UK’s Employment policy lead said: “While manufacturers report an easing of immediate labour shortages, long-term skills challenges remain. The Government has made welcome improvements to the apprenticeship system in recent months – not least additional funding to support high-value manufacturing courses and reduce barriers faced by SMEs." “However, there remains further to go, and a full review of the apprenticeship system – with the goal of restoring the number of manufacturing apprentices to its pre-levy high and further reducing the number of vacancies in the sector – must be a priority.”

Business activity among UK SMEs has expanded at a solid rate throughout the first quarter of the year with the NatWest SME PMI Business Activity Index recording 52.6 in March. NatWest’s index is a key indicator of the health of the UK SME economy. A PMI reading over 50.0 indicates growth or expansion, while a reading under 50.0 suggests contraction. Key Findings: Recovery in overall UK SME output supported by renewed manufacturing sector expansion Service sector remains the main growth engine Spending on more energy efficient business processes is projected to rise at a fast rate among SMEs, with 18% planning to invest in the next year and 41% within five years Over half of UK SMEs plan to invest in EV infrastructure or have already done so The recovery in overall SME output levels was driven by improving order books, with new work increasing for the fourth month running in March. Leading the way, the services sector recorded the fastest upturn in business activity in March, recording 53.2, followed by the manufacturing sector, which recorded 51.4. SME construction output meanwhile near-stabilised in March at 49.6, which also represented an improved trend after stronger declines in activity in the second half of last year. In the latest survey, SMEs reported another sharp rise in their average cost burdens, especially those in the service economy, largely due to rising salary payments and transportation costs. However, the overall rate of input price inflation was the slowest since November 2023. Efforts to alleviate margin pressures nonetheless led to the fastest rise in prices charged by SMEs since June 2023. Business activity expectations remained upbeat in March, with SMEs confidence holding close to February's two-year high. Renewable Energy Investment Plans The NatWest Sustainable Business Tracker found that there was a rise in the proportion of SMEs that have already invested in renewable energy investment plans compared to the same period in 2023. UK SMEs were most likely to report plans to invest in more energy efficient business processes over the coming 12 months. Currently, 11% of small and medium-sized enterprises have already invested, a slight uptick from the 8% recorded during the same period last year. Additionally, 18% of SMEs expect to invest within the next 12 months and the longer-term outlook is much more upbeat with 41% intending to invest within five years. The survey also found that over half of UK SMEs plan to spend on EV infrastructure or have already done so. Of all six categories monitored by the survey, the use of electric vehicles (or installation of their charging points) recorded the largest proportion of SMEs that have previously invested (18%), with an additional 29% expecting to invest within the coming five years. Sebastian Burnside, NatWest Chief Economist, said: “Businesses have shown great resilience in the face of challenging market conditions as rocketing inflation and then rising interest rates made their mark. So, it’s good to see that firms are now reporting much more muted inflationary pressures at the same time as five months of growth in a row." "When it comes to job creation, the picture is more varied. Higher levels of SME employment largely reflects greater recruitment in the service economy, while hiring trends were much more subdued in manufacturing and construction. But optimism about future activity is widely shared with both services and manufacturing registering scores of above 70.” James Holian, Head of Business Banking at NatWest Group, said: “It’s really encouraging to see small businesses have had a strong start to the year and remain optimistic about their future growth. The recovery in output has been driven by improving order books, with new work increasing for the fourth month running in March. This suggests that falling inflation and hopes of lower interest rates is leading to an upturn in economic conditions, which is likely to support growth in the year ahead." “These findings show that over half of UK SMEs plan to spend on electric vehicle infrastructure or have already done so. As well as the environmental benefits, many businesses stand to benefit financially in the long term by transitioning their fleets." "In partnership with Diode, we are supporting our customers to access a tailored EV readiness assessment that breaks down the costs and potential return on investment of electric vehicles, so business owners can make the right decision for their individual circumstances.”

Independent family brewer Shepherd Neame has unveiled a new look for its popular Spitfire Lager. The refreshing British lager (4% ABV) now has an equally refreshing new visual identity incorporating a bespoke hand-drawn Spitfire logo emulating the vapour trails created by the iconic wartime aircraft which the beer takes its name from. It retains a Spitfire silhouette, along with a recrafted Shepherd Neame monogram inspired by its heritage as Britain’s oldest brewer, accompanied by the text ‘Kent Born’, drawing upon the provenance and quality of its centuries of brewing experience. In a first for the Faversham-based brewer and pub company, its Spitfire Lager keg lenses also have an eye-catching additional gold collar, representing the beer’s golden colour and further helping it stand out on the bar. Shepherd Neame has partnered with global creative partner, Thirst, to deliver the new look for the beer, part of the award-winning Spitfire collection which also includes Spitfire Amber and Golden Ale. Matt Burns, Executive Creative Director & Co-Founder at Thirst said: “Spitfire is a beer that not only represents the history of Britain, but also the modern credentials of the Shepherd Neame brand. It's not often a brief like this comes along and it provided Thirst with a perfect opportunity to celebrate the historic and the modern in equal measure." "With typography being the centrepiece of the new identity, we crafted a wordmark that felt fresh and interesting for a younger consumer, but with distinguishable hand finishes that offer the feeling of credible nostalgia. We evolved the colour palette to link directly to the open Kentish skies where the Spitfires once soared. The blue still feels proudly British yet through a modern lens.” Shepherd Neame Chief Executive Jonathan Neame said: “We are very proud to unveil this exciting new look for Spitfire Lager, offering a fresh, contemporary celebration of its iconic British namesake alongside the unique brewing heritage of our Kent homeland.”

Despite one of the wettest starts to the year on record customers are starting to plan for brighter days with HydroPro Garden Paint from HMG Paints. The product is set to build on the success of HMG Paints previous exterior coatings which have proved extremely successful since the pandemic. 2024 also sees two new vibrant colours enter the colour palette for HMG Paints. The first of the new colours is Spring Yellow, which is sure to brighten up any garden no matter the weather. Cherry Blossom Pink is another bold colour to join the range and is proving popular in early product sales. With new colours also comes new uses, the new HydroPro Garden Paint is ideal as a fence and shed paint but can also be used on terracotta pots and concrete, making it the perfect choice for use across the whole garden. “We’re really excited to see where and how people use HydroPro Garden Paint” added Paddy Dyson, HMG Paints Marketing Manager. “We’ve already seen on social media people making the most of the new colours and some very vibrant garden fences, sheds and pots. Summer 2024 is set to be very colourful.” HydroPro Garden Paint is water based and low VOC making it a perfect choice for consumers looking to refresh their garden ahead of the summer. The product can be applied by brush, roller and even spray meaning it’s also ideal for commercial products. The new containers for HydroPro Garden Paint are made with Post-Consumer Recycled material that can be widely recycled and then reprocessed into a resin, reducing the environmental impact for the consumers. The HydroPro Garden Paint range is available to purchase via a growing list of HMG stockists or direct from HMG via shop.hmgpaint.com/products/hydropro-garden-paint. The full range includes popular colours such as Chartwell Green, Slate, Duck Egg Blue and Walnut amongst others. Available in 5 litres, customers can paint up to 7 standard fence panel sides with one tub of HydroPro Garden Paint. HMG have ensured that the product is easy to apply meaning that anyone can have a weather resistant substrate with an excellent finish no matter their skill. No matter the weather one thing that is guaranteed is the advice and support of the HMG Paints team. The full range of HMG Paints products is available to be viewed online at www.hmgpaint.com, all products are made in Manchester and are Made in Britain accredited.

From a "Family-Owned Business" to a "Business Owned by Family" and eventually back to a "Feeling Owned Business," this journey encapsulates a profound transformation in the ethos of familial and business relations. Initially, the business was built upon a foundation of prioritizing emotional connections, fostering a culture where familial bonds were paramount, even above profit. However, as success burgeoned and family members dispersed across different cities, a palpable sense of isolation crept in, giving rise to a culture of individualism and self-interest. In India, where the allure of worldly success, particularly wealth, often accompanies a cautionary tale of ego and power, this narrative mirrors a familiar societal paradigm. Yet, within this context, there emerges a tale of resilience and redemption, where strong familial ties and a commitment to values lay the groundwork for enduring sustainability. Initially, the familial fabric was woven with threads of love and unity, despite the constraints of limited resources. However, as the business expanded and new familial relations were forged through marriages, the tapestry began to unravel. Survival mindset seemed to have creeped in. Diverse cultural backgrounds introduced subtle shifts in dynamics, leading to a gradual erosion of shared values and a focus on individual gain—a transition from "We to Me & Myself." Amidst these changing tides, a poignant incident serves as a catalyst for introspection. The eldest cousin's daughter, arriving early to visit her parents, finds herself inadvertently neglected, her presence overlooked amidst the bustle of daily life. A simple act—ordering a pizza—sets in motion a series of events that culminate in a heartfelt reunion, reminiscent of bygone days. The pizza gets delivered to a cousin’s children who start enjoying till he looks at the name & figures out what has happened. She says it fine but smiles inside at all the action by his family to make up. The whole house comes down & it seems like an open townhall. This daughter, attuned to the shifting familial landscape, takes it upon herself to reignite the flames of empathy and cooperation within her kin. Gathering for a candid dialogue, the family confronts the divergence from their foundational principles. She raises a point to say that some of us are cribbing about the funds we contribute for running the charitable hospital established by grandpa which is like peanuts if we look at our earnings. They recognize the need to bridge divides, both within the family and across their business ventures. As they delve into discussions, they unearth deeper issues of health, collaboration, and societal responsibility. Reflecting on the wisdom of the founder, they realign their priorities, shifting from a pursuit of individual success to a collective ethos of prosperity and benevolence—"Live & let live." Embracing this ethos, they institute quarterly family meetings as a forum for fostering communication and unity. An external facilitator is enlisted to streamline operations and ensure alignment with shared objectives. Additionally, they commit to prudent financial stewardship, minimizing excesses and redirecting resources towards collective betterment. Next generation participation in the business is moved to merit over entitlement. All children must go outside the family business for some work experience was agreed upon. In this transformation, they find not only renewed purpose but also a rekindled sense of belonging—a return to a "Feeling Owned Business." As they navigate the complexities of wealth and power, guided by the founder's values, they pave a path towards enduring sustainability and generational prosperity. United by a shared commitment to family, community, and legacy, they stand poised to weather the trials of time, their journey a testament to the enduring power of love and kinship in the face of adversity. About the author - Naveen Khajanchi (EMCCC – INSEAD) is an Executive Coach, creator of ATM for Happiness and the CEO of a leadership search firm.

Family Business United is delighted to announce that the date has been set for The Great British Family Business Conference 2025. The event will be taking place at The Royal Geographical Society on March 19, 2025. The full programme includes some fabulous speakers from all corners of the UK and is set to be another inspirational day of family business insights, journeys, learning and networking. Check out the full programme and book your tickets to join us in London here As Paul Andrews, Founder and CEO of Family Business United explains, “Having received such amazing feedback from the delegates in 2024 we wanted to announce the date for 2025 as soon as possible. We are returning to The Royal Geographical Society in South Kensington who are fantastic hosts and looking forward to a packed programme of insights, masterclasses and panel discussions. 2024 was incredible and has set the bar high for next year but we already have speakers lined up who we will announce in due course and look forward to making The Great British Family Business Conference 2025 better than ever!” “It is a pleasure to champion family firms and to have 2024 delegates telling us that the event was ‘the best family business event we have ever been to’ and that it was ‘a pleasure to be in the room with such inspirational family business leaders’ we cannot wait for the event next year!” Book your tickets to join us at The Great British Family Business Conference 2025 here

Spirit of Gallo is expanding its luxury spirits portfolio with Condesa Gin, a hand-crafted spirit from Mexico City. Under the agreement, Gallo will become the exclusive US importer for Condesa and make a strategic investment in the brand, signaling its foray into the Super Premium Gin category, which is projected to grow 6.1% across volume and value over the next five years. Condesa Gin is inspired by, and made in, Mexico City. It reflects a younger and more cosmopolitan vision of the country – an inviting, elevated and mysterious world beyond agave, showcasing the endless possibilities of Mexico’s rich and diverse botanicals and distilling talent. Named after one of the most iconic neighborhoods in Mexico City, Condesa is artisanally made by a team led by award-winning master distiller Hillhamn Salome in a micro-distillery born in the heart of the city. Her chosen botanicals nod to local rituals for the cleansing of the body and mind and the amplification of consciousness. “Condesa Gin fits perfectly in our portfolio as our first Super Premium Gin offering,” said Britt West, Executive Vice President and General Manager, Spirit of Gallo. “The gin category is evolving, as consumers trade up to premium brands from interesting places with compelling stories. We know Condesa will appeal to consumers who want a truly unique and creative experience, and we look forward to working with the founders and ownership team to help Condesa reach its full potential.” The partnership will capitalize on Condesa Gin’s home market success where it has become the fastest growing Super Premium Gin in Mexico. “We are honored to partner with Spirit of Gallo,” said Jordi Nieto, co-founder of Condesa Gin. “This partnership allows us to expand our community and distribution in the US, while advancing us on our journey to become a leader in the luxury gin space.” Condesa Gin is currently offered in two expressions: “Clásica,” and “Prickly Pear & Orange Blossom.” Once a secret of Mexico’s culinary royalty, both expressions have been adopted by some of the best bars in the world from Mexico City to New York, Los Angeles and Rome. To be enjoyed in a new creation, a twisted classic, neat, or on the rocks. Terms of the agreement were not disclosed.

In response to customer demand, frozen food distributor Central Foods has re-introduced a gluten-free chicken Kiev to its range for food service operators. Central Foods MD Gordon Lauder says: “Chicken is the most popular meat served in the UK, and with the continued growth in demand for gluten-free options we just had to bring back our popular Golden Valley Foods gluten-free chicken Kiev." “Not only are the Kievs great for serving to coeliac customers and those who avoid gluten, they can also be served to anyone who just enjoys a tasty chicken Kiev. Made from succulent, whole breast meat with a creamy garlic and parsley filling, our gluten-free Chicken Kiev is a classic dish loved by many and taps into the retro/nostalgia trend currently influencing menus. Packed in small case sizes of just ten Kievs, providing lower up-front costs and less storage space, we know our customers will welcome the return of the Golden Valley Foods gluten-free chicken Kiev to our range.” Other products available from Central Foods in the Golden Valley Foods free-from range include gluten-free breaded chicken chunks, gluten-free breaded chicken goujons and southern fried gluten-free chicken goujons. Central Foods is a leading UK food service distributor, founded more than 25 years ago. The company is a catering partner across the whole food service sector, supplying to hotels, restaurants, bars, universities, schools, pubs, care homes, garden centres, leisure outlets and more. It currently sells to over 180 independent wholesalers, as well as larger national and regional wholesalers. For more information about Central Foods visit here.

Members of Family Business United will be travelling across the UK for their annual road trip in electric style this year thanks to support from Hendy Group. The Family Business Road Trip is an annual event which aims to put the family business sector on the map, and this year the team will be arriving at a range of family-run businesses in style as they take to the road in a Mustang Mach-E. Hendy Group chief executive Paul Hendy said he was delighted the group could once again support this road trip and enable the team to sample the very latest in electric cars. “As a family business now in its sixth generation, we are celebrating our 165th anniversary in business and keen to support other family-run enterprises,” said Paul. “Family Business United is a great organisation which champions the success of so many family businesses across the UK and we’re sure the team will enjoy this year’s road trip in the Mustang Mach-E.” During the course of the 2024 Family Business Road Trip, there will be behind the scenes tours of family firms, interviews, dinners and plenty of photo opportunities and social media posts that all seek to raise the profile of the family business sector and all that it does on a daily basis to keep the nation going. The road trip will visit a wide range of companies, showcasing a range of success stories in industries as diverse as manufacturing, farming, communications, recruitment, wine making and food distribution. Companies set to feature in this year’s road trip include Saffron Grange Vineyard, Cladspray, Carrs Pasties, JJ Smith & Co, David Nieper, The Cleenol Group, The John Good Group, Grommets, Tims Dairy, The Pantry UK, The Wilkins Group and Bridgman. As Paul Andrews, founder and CEO of Family Business United explains, “The world of family business never ceases to surprise, delight and demonstrate positivity, be it in Bristol, Bolton, Bradford or anywhere else for that matter. Families in business are different. They take the long-term view, they care and they know they have to innovate, invest and evolve to become sustainable for generations to come.” “Family businesses are the engine room of the UK economy and each year the Family Business Road Trip affords us the opportunity to get behind the scenes, see what family businesses do what they do on a daily basis, where they do it and it is a real privilege to be welcomed and shown around by family businesses that are justifiably proud of what they do, many of whom have been doing it for generations.” “Each and every business we visit cares about what they do, how they do it, the people that work for them and the broader community in which they operate. We are delighted to be on the road once again in a car provided by the Hendy Group and look forward to putting the family business sector on the map.” “As we sit here about to embark on our journey that will take us all over England, I cannot help wondering what incredible stories we will uncover this year as we shine a light on dozens of family firms across England, hear their stories and reflect on the legacy of previous generations and discover their plans for the future.” “Let the journey of family business discovery begin!” You can keep up to date with the journey as it unfolds on social media using the hashtag #FamilyBizRoadTrip.

In a heartfelt commitment to enhancing the lives of children with autism, the Allied Vehicles Charitable Trust is proud to announce a funding award of £2,000 to the ASN Club for Children. This significant contribution will enable the club to purchase a range of engaging and sensory-friendly resources, including a much-desired bouncy castle, sensory toys, and mobility toys like bikes and scooters, to create a welcoming and fun environment for children for whom making social connections can often be difficult. The ASN Club for Children was founded by Leah Deans, whose seven year old daughter is autistic, when she became disheartened by the lack of play and socialisation opportunities for children with autism and other neurodivergences. Leah’s club operates with the aim of providing a safe and joyful space for children with autism to play, socialize, and form new friendships. Leah said: "I put this group together voluntarily as my little girl who is seven years old is autistic and the sad reality is there is not much in the community for our kids to go to." Held every Tuesday evening, the club has become a vital part of the community for families seeking inclusive activities for their children. "This funding from Allied Vehicles Charitable Trust is a game-changer for our club. It will allow us to enhance our activities with fantastic resources that our children will love and benefit from immensely," Leah expressed. The ASN Club for Children's commitment to supporting children with autism aligns with Allied Vehicles Charitable Trust's mission to empower community initiatives and support the well-being of people of all ages across Glasgow. David Facenna, Corporate Culture Director at Allied Vehicles Group, commented on the funding, saying "We are inspired by Leah's dedication to creating this valuable resource for children with autism in our community. We’re happy that we can support the ASN Club for Children and help them to provide a fun, safe, and inclusive environment where children can thrive."

A survey of 500 SMEs by invoice finance company Novuna Business Cash Flow , highlights the critical need for more accessible and flexible financing options for small and medium-sized enterprises if they are to survive. 34% OF SMEs COULD CEASE TRADING IF UNABLE TO SECURE FUNDING The survey revealed a concerning statistic: 34% of SMEs are at risk of closing their doors permanently if they are unable to secure necessary funding. This alarming figure contrasts sharply with the surprising revelation that 50% of SMEs have not sought any form of financial assistance since November 2023, despite the precarious position many find themselves in. 28% OF SMEs HAVE BEEN REJECTED FOR ESSENTIAL FUNDING The reluctance to seek financing during these difficult times can be attributed to a variety of factors. A significant portion of respondents (43%) believe that the current economic conditions have exacerbated the difficulty of accessing funding. Additionally, a concerning 28% of the businesses surveyed reported being turned down for funding since November 2023, further discouraging attempts to secure much needed financial support. 29% HAVE HAD TO APPLY FOR FUNDING FOR THE FIRST TIME EVER Highlighting the urgency of the situation, nearly a third (29%) of SMEs surveyed have found themselves applying for business funding for the first time ever since November 2023. This statistic not only reflects the growing financial strain on businesses but also the changing landscape of SME financing. These findings highlight the urgent necessity for enhanced and adaptable financing solutions for SMEs to ensure their survival. By providing a broader range of financial assistance and support, we can safeguard the future of these essential pillars of our economy. John Atkinson, Head of Commercial and Strategy at Novuna Business Cash Flow commented, “In light of our recent survey findings, it's clear that SMEs are facing unprecedented financial challenges, with 34% on the brink of closure due to funding shortages. Surprisingly, half of these businesses haven't even applied for financial help since November 2023, a decision influenced by tougher access to funds and previous rejections. As we navigate these turbulent times, our focus must be on creating a more supportive financial environment that acknowledges the evolving needs of small and medium-sized enterprises."