Leeds Roofers have been alerted by industry news surrounding late payments in the construction sector. This is causing huge issues regarding cash flow and saw many companies enter liquidation in the first quarter of the year.
In a survey conducted by Tungsten Corporation, one in four smaller businesses face financial troubles.
Richard Hurwitz, CEO at finance business at Tungsten, said: “While all small businesses experience lean months, construction firms are especially vulnerable to cash flow problems as the industry often sees sudden spikes in demand, with more projects during the summer months.
“This seasonality can leave businesses scrambling for cash to pay for additional manpower and materials, which creates instability and makes it difficult to prosper. This could worsen if companies are forced to turn away work because of a cash shortage. It’s worrying that so many businesses still feel under immense pressure despite legislation being put into practice. In hard times, they need more guidance and funding options if they are going to thrive.”
Cash flow issues cause problems to a number of different industries and can be problematic in construction where people often require work when they least expect it. This is particularly apparent in the roofing sector when a roof repair can be costly, especially when no maintenance has been carried out first. Thankfully our roofing company has a practical solution and offers a maintenance plan from as little as £100 a year to ensure no big surprises occur. This can help you plan maintenance works effectively.
For more information, or to find out about our other roofing services such as roof repairs and new roof builds, please do not hesitate to contact our Leeds based roofing team today. We work on commercial and domestic roofing jobs on a daily basis.