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Business Up Close - Keeping your money moving

Business Up Close - Keeping your money moving



- A special Summer magazine issue of our Business Up Close ezine, with a spotlight on cashflow management and keeping your money moving. Features include: Frontline, from Marcelino Castrillo, Managing ...

- A special Summer magazine issue of our Business Up Close ezine, with a spotlight on cashflow management and keeping your money moving. Features include: Frontline, from Marcelino Castrillo, Managing Director of Commercial Banking at Santander UK; On the Cards, Santander's merchant services solution; Cashflow - The SME Lifeforce; and case studies featuring Norbev Ltd and Coultons Bread. The magazine also gives and overview of the financing solutions and support offer by Santander Corporate & Commercial, which can be combined to move cash in, through and out of a business, and to free up money at stages where it would otherwise be inaccessible and a potential barrier to growth and development.



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    Business Up Close - Keeping your money moving Business Up Close - Keeping your money moving Document Transcript

    • Keeping your money movingBusiness UP CLOSESPECIAL ISSUE  |  summer 2013KEEP YOURMONEY MOVINGOur full range of solutionsto boost your cashflowON THE CARDSMaking it easier to collectpayments by plasticCASHFLOWMANAGEMENTSPOTLIGHT ON:“The deal has given us headroomto move forward”James Harkness, MD, Norbev Ltd
    • 2 | BUSINESS UP CLOSECashflow is reality: there is an old businesssaying that ‘turnover is vanity, profit issanity and cashflow is reality’. This is theoccasionally painful truth all companies, nomatter their size, have to acknowledge inorder to survive. Cashflow is the life-bloodof successful business growth. It enablescompanies to make plans and see thoseplans come to fruition – you can survivefor a while without sales or profits, but notwithout cash. It is cash which pays the billsand keeps you trading. This is why everythingSantander offers its business customerscomes back to helping keep money moving.Speeding things up: one exampleof the many ways Santander helpscustomers to manage cashflow isby providing efficient card paymentsolutions that are flexible and fast.On page 4 we examine how ourpartnership with leading paymentservices provider Elavon means thatmoney you take by card froma customer can be processedand in your bank accountwithin 24 hours. Wealso have a suite offinancing solutions,outlined in thecentre pages,from day-to-dayaccounts to asset-based fundingand overseas tradefinance, which can helpmove or release cashat key points whereyour money couldotherwise be tied up.FRONTLINE financeEffectively managing cashflow is one of the most crucial aspectsof running a successful business, explains Marcelino Castrillo,Managing Director of Commercial Banking at Santander UK.Marcelino CastrilloMaking a difference: one of our customersbenefitting from this approach is Norbev Ltd,(see page 12), a company which wantedto make the most of new and excitingopportunities by more effectively managingits cashflow and accessing finance from abank which understood its objectives. OurInvoice Finance solution has made a bigdifference to the day-to-day running of thebusiness. Another example illustrating thewider impact our solutions can have is JCACoatings, an automotive paints supplier. Anew Supplier Payments package has helpedspeed up payment of invoices, which notonly protects JCA Coatings’ margin andmaintains its competitiveness, but strengthensits relationships with suppliers – often smallercompanies reliant on dependable cashflow.Get in touch: for more information aboutanything you read in these pages, or if youwould like to talk through what Santandercan offer your business, please contact us.Our details are on the back page.Our monthly e-zine Business Up Closefeatures a wealth of insight from theworld’s most prominent business leaders,entrepreneurs, gurus and commentators,along with information on a range ofSantander’s financing options. You cansubscribe at: http://businessinsight.santandercb.co.uk/businessupclose
    • www.santanderCB.co.uk BUSINESS UP CLOSE | 3A family businessBased in Liverpool, withmanufacturing sites in Manchesterand Bradford, Coultons Bread hasgrown over the past 35 years to bethe leading distribution bakery ofthe North West. With 100 staffand 85 delivery routes throughoutthe region, the company fulfills over4,500 orders per week to customersvarying from independent cafesto major supermarkets. HowardHunter, Managing Director, whoruns the business withhis wife, explains:“It’s a relationshipbusiness, we have totalk to each other ona daily basis to makesure we can deliver.”Banking bondWhen Howard wasassessing his bankingprovision, he decidedthat having a strongrelationship was crucialand this brought himto Santander. “I’vehad different bankmanagers and I didn’t bond aswell with them. If something goeswrong, such as a customer hasn’tpaid, that’s a problem.“You need to be able to get on thephone and have someone there tosmooth it over while you sort it out.You don’t want someone facelesswho says: ‘We’re going to bouncea cheque on you because you don’thave enough money.’ You want yourbank to let you get on with yourbusiness. I ring Shaun and he alwayssays the same thing: ‘Don’t worryabout it, leave it with me.’”Better fee structureHoward was also attracted toSantander because he felt the bankwas more competitive on pricing.“One of the reasons we left theother banks was thepricing was gettingunmanageable.One year we had£100,000 in charges.We got a bigreduction comingto Santander. It wasmassive for us.”Cash managementWith over 90 vans,security was also akey consideration forHoward, with cashcollection and relatedinsurance an issue.“Santander came up with a solutionto give us chip and pin cards,” heenthuses. “What this has enabledus to do is remove a lot of worryabout the drivers carrying cash. Theycan collect the cash daily from thecustomer and then deposit it at thePost Office®without bringing it backon the premises.”“Santandercame up with asolution to giveus chip and pincards. What thishas enabled usto do is removea lot of worryabout the driverscarrying cash.”Breaking breadHoward Hunter, Managing Director of Coultons Bread,was looking for a bank with lower fees and an innovativesolution to processing cash, along with a personal touch.He has found Santander to be the perfect fit.OUR VIEWShaun Blake is aRelationship Directorfor Santander, basedin Manchester. Heoutlines how he has workedwith Coultons Bread to make abig difference to the business“Coultons Bread is a familybusiness and communication,trust and relationships are veryimportant to Howard. This is alsoa core part of what Santanderoffers as a bank, alongside ourfinancial products which providepractical help in several areas,particularly cashflow.“We set up a payment solutionwhere drivers can bank cash atPost Office®branches, reducingcash processing times andenhancing security.“Santander’s Invoice Financesolution gives access to cash thatwould otherwise be tied up andwe have also been able to halvehis transactional banking costs.”Solutions deliveredn Current accountsn Cash managementn Bacs facilitiesn Direct Debit originationn Online bankingn Elavon merchant servicesbusiness focusFIND OUT MOREFor videos providing moreinformation on our solutionsand how we work with customers,visit our YouTube channel at:www.youtube.com/santanderukcb
    • 4 | BUSINESS UP CLOSEAccording to the UK CardsAssociation, debit card spending nowaccounts for 50% of total spending inthe UK. This means that, for manybusinesses, having access to moneytaken by card is crucial forhealthy ongoing cashflowmanagement.Customers using Santander’srecommended card paymentprocessing service benefitfrom our long-standingrelationship with Elavon,part of US Bank. A well-established independentglobal acquirer, Elavon hasa broad product offeringand robust technicalinfrastructure and hasworked with Santanderon some excellent solutionsfor business customers.All Santander merchant servicescustomers are now offered a contactlessconfigured terminal, allowing them toon the cardsA core part of effective cashflow management for manybusinesses means being able to quickly access funds takenfrom card payments. Santander’s merchant services solutionincludes card payment processing, with the option of nextbusiness day fund clearance.make Chip & PIN payments or contactlesspayments. Contactless payments are afeature where, when making low valuepayments by card, (currently £20 or less),rather than inserting a card into theChip & PIN machine,you can simply holdit to the reader.This means fewercustomer queuesand quicker serviceand it is still safe andsecure, with lesspotential for errors.The payment is thenprocessed and canbe credited to aSantander bankaccount within24 hours. AllSantander Corporate& Commercialcustomers, no matterwhat size of business, are connectedfree to iMerchantConnect, a reportingtool which enables a business to lookCard payments and cash handlingThe systemkeeps moneymoving throughcompaniesquickly andefficiently,allowing themcontrol of theircashflow and nottying up moneyunnecessarily.at different types of transactions,assess which are busy days or quietdays, which days the fewest cardtransactions or the most charge-backsare taken and more.Elavon also has stringent riskmanagement and fraud preventiontools, which help to protect cardholderdata. The system keeps money movingthrough companies quickly andefficiently, allowing them control oftheir cashflow and not tying up moneyunnecessarily, so owner-managers canget on with growing their business.
    • www.santanderCB.co.uk BUSINESS UP CLOSE | 5The other sideof the coinWhile around 50% of payments are takenby card, having the right solution in place tohandle cash payments still plays a vital rolein keeping a company’s money moving.Through Santander UK plc, part of the SantanderGroup, we handled over £51 billion worth of cashlast year*. Our proven track record and 40 years’experience in this specialist industry demonstrates whywe are a leading provider of cash handling services andwhy many of the most successful high street retailerschoose us for their cash handling requirements.Dedicated cash handling specialists – our expertsin cash solutions work closely with our RelationshipDirectors to devise the best solution for the provisionor depositing of cash.More deposit locations than any other UK bankor building society – Santander’s partnership with thePost Office®gives customers access to their accountsat around 11,500†Post Office®branches nationwide.Accurate preparation – we supply customers’ outletswith the right materials and contact points to collectand process cash efficiently.With cash usage showing no sign of slowing down,having access to expertise in cash handling is aninvaluable part of the overall cash managementstrategy, for any business that takes cash payments.Visit our website: www.santandercb.co.ukHOW CAN WE HELP YOU?did you know?n At 89.6 million, there are more debit cards incirculation than ever before.October 2012, UK Cards Associationn In the UK in 2012, credit and charge cards wereused to make two billion payments to a value of£136 billion.UK Cards Associationn 58% of all retail transactions were made in cashin 2011.British Retail Consortium * Figure for year ending 31 December 2012.†Services and opening hours for individual Post Office®branches within the Post Office®network may vary.
    • 6 | BUSINESS UP CLOSEfinance clinicFind out howWhat we doOur overarching aim at Santander Corporate & Commercial is to help businesses fulfill theirbusiness aspirations – we call it ‘Fuelling Business Ambition’. As we work very hard tounderstand the priorities of our business customers and the challenges they face, we know thatmanaging cashflow is one of the most crucial ongoing issues facing enterprises – particularly ina difficult market.Where we can helpThe financing solutions and support we offer can be combined to move cash in, through andout of a business, and to free up money at stages where it would otherwise be inaccessibleand a potential barrier to growth and development.£InternationaltradeDay-to-daybanking andpaymentsAsset-basedfundingGetting the basicsright – creating arobust and efficienttransactionalplatform for growthUsing thestrength of yourbusiness assetsto release thepressure on yourcashflowUnderpinning thesuccess of overseasexpansion andefficiently managingcashflow whenimporting andexporting£
    • Santandercan keep yourmoney movingwww.santanderCB.co.uk BUSINESS UP CLOSE | 7
    • supplier paymentsIn the supply chain, between an order being placedand a customer making a payment, suppliers have tocover the costs. Santander’s Supplier Payments solutionis a service which allows the buying organisation toprovide its suppliers with the option of taking earlypayment on their invoices. In turn, this reduces thesupplier’s own costs and improves the relationshipbetween supplier and buyer, providing opportunitiesto negotiate better supplier terms.££asset financeSantander’s Asset Finance solutions can helpbring your growth plans to life – whether thisinvolves replacing old equipment, investing incutting-edge technology, or simply trying tomaximise the value of existing assets.Asset Finance lets a business spread payments forassets over time, strengthening the balance sheetand reducing overall financing costs by freeing upcapital, even from assets that are already owned.££invoice financeInvoice Finance can provide a timely cash injectionby releasing money tied up in outstanding invoices.Companies benefit from instant access to an ongoingsupply of capital, linked to sales. Santander willrelease up to 85% of the value of the invoice raisedto the company within 24 hours, with the remainingvalue (less a small service fee) paid to the companyonce their customer has paid that invoice.££Santander has two great valuecurrent accounts which are idealfor your day-to-day banking needs,offering competitive rates and payinginterest on credit balances. We alsohave a partnership with the PostOffice®, so that customers can accesstheir accounts at around 11,500*branches nationwide, as well astelephone banking and a 24-houronline banking service.* Services and opening hours for individual Post Office®branches within the Post Office®network may vary.current accounts ££freeing up capital“Freeing up working capital is the priority ofall successful enterprises and at Santander weunderstand that keeping money readily accessible isone of the areas where a bank can make a big difference.”Mike Oxby, Head of Asset-Based Finance, Santander Corporate & Commercialasset-basedfunding}}}}“We listen to what our businesscustomers are looking for and recommendfunding solutions which meet theirspecific needs. Paying attention to cashflowis always an important part of that. It’s aboutmaking money work as hard as possible for abusiness, which is crucial when market conditionsare challenging.”Julian Alexander, Regional Director, Santander Corporate & Commercialmaking money work harderAnew record!29,600faster payments wereprocessed everyminute overnighton 2 April 20138 | BUSINESS UP CLOSE
    • CASESTUDYBusinesses need the flexibility tomanage surplus cash in a variety ofways, depending on how and whenthey require access to their funds.Whether you need instant access toyour cash or are able to lock it away,our deposit accounts are simple to openand straightforward to manage.If you require instant access to funds,our no-notice Business Reserve Accountis a straightforward account. And ourCorporate Bonus Accounts offer instantaccess, great rates and the addedbonus of higher rates when you don’twithdraw your funds.Alternatively, choosing our CorporateNotice Account means you benefit fromhigher rates of interest for providingnotice when you need to make awithdrawal. This account allows youto withdraw funds as often as you like,as long as you give the required notice.Our Client Deposit Account is idealfor businesses that invest or safeguardfunds on behalf of clients. It pays acompetitive rate of interest and offersfree and unlimited cheque and electronictransfers in and out of the account†.If you would like to enjoy the benefitsof depositing funds for a longer term,we offer a range of Time Deposits,where you choose the term you wouldlike to deposit and fix the interest rateyou receive.†Minimum deposit applies. Non-standard charges such asCHAPS may apply.deposit accounts ££SMEs areowed£33.6billionin late paymentsBacs, 2012keeping your money movDay-to-daybanking andpaymentsGetting the basics right– creating a robust andefficient transactionalplatform for growthAsset-basefundingUsing the strengthof your businessassets to release thepressure on yourcashflowSupply strengthSantander has provided a Supplier Paymentsfacility to designer clothing store Psyche, soit can pay suppliers quickly and efficiently.“The brands I am transacting with areecstatic because they don’t have anycredit issues and get paid straight away.This means my relationship with them isfantastic, allowing us to negotiate a tradediscount, access early deliveries and betop of the list for things like co-operativeadvertising. This really helps me to runand grow my business.”Steve Cochrane,Managing Director, Psyche“This reallyhelps me torun and growmy business.”
    • “Santander’s input includes support to companieswhich are exporting, or at the initial stages ofaccessing opportunities offered by overseasmarkets. Whichever point a business is at indeveloping an international focus, this is a crucialphase and can have a huge impact on the viability of currentand future cashflow. Manufacturing and transporting goodsoverseas can be a lengthy process, so it takes time for moneyto come back into a business. Having an independent, experteye to assess current and future priorities is invaluable.”Martin Hodges, Head of Trade,Santander Corporate & Commercial}}Are you fit for export?We speak to our customersabout their whole trading cycle,conducting an ‘InternationalHealth Check’ to identify areaswhere efficiencies could bestepped up and any gapswhich could be filled withfinancing solutions.We have the expertiseSantander’s Trade ExportSpecialists know which marketsare best suited to which industriesand the issues, challenges andconsiderations involved in tradinginternationally.internationaltrade€$¥day-to-day bankingand paymentSWe do all the things you would expect a bank to do– quickly and efficiently processing Bacs and CHAPSpayments, international payments and, with FasterPayments, allowing customers to transfer moneybetween accounts, pay bills or make regular standingorder payments electronically. Faster Payments areusually delivered on the same day they are sent.making payments ££accessingoverseas marketsovinged InternationaltradeUnderpinning the successof overseas expansion andefficiently managing cashflowwhen importing and exportingIn March 2013,the EuropeanLate Payment Directivereplaced a previous EUdirective. Among its measuresare interest charges forpayments later than60 days
    • www.santanderCB.co.uk BUSINESS UP CLOSE | 11We recognise theimportanceof long-termrelationshipsOur Relationship Directorsand Product Specialists takea proactive interest in yourbusiness, helping you findfinancial solutions that match theneeds of your organisation. Visit:www.santandercb.co.ukfor more details of any ofthese solutions, or for otherways we can help you achieveyour business ambitions.“A currency account enables you to receive and hold fundsin a foreign currency. This means you can take advantage offunds coming in to pay for goods and services in that currency,minimising exchange rate risk and costs.“Simon Payne, Senior Manager,Foreign Exchange and International Banking,Santander Corporate & CommercialHow we help“Our Letter ofCredit solutionhas providedone customer with theadvantage of buying goodson sight terms. Santanderpays the supplier’s bill bysetting up a loan accountin the currency of thetransaction, at fixed interestrate margins agreed withour customer – not thesupplier’s interest rates.This puts our customerin a great position withtheir supplier to receivediscounted prices andother benefits.”Mike Francis, Regional Trade Director,Santander Corporate & Commercialtrade finance servicesWith international trade, payment terms may be greatlyextended, due to shipping timescales and other factors.At the same time, raising cash to meet orders and payfor goods and services can put pressure on your finances.Our discounting solutions are individually tailored to answerthese problems. We also offer a wide range of documentarysolutions, including letters of credit, collections, and bondsand guarantees.}}Breaking the cashflow barrierA British Chambers of Commerce international trade business surveyfound current exporters are more likely to seek growth in overseasmarkets if their domestic cashflow weakens. But the survey showedcashflow considerations are a barrier to overseas trade.currency accountsCurrency current accounts allow a business to make orreceive payments in most major currencies, in order tobetter manage exposure to exchange rate movements,whilst earning interest. Currency current accounts areavailable in all major currencies to Santander Corporate& Commercial customers. The Currency Call DepositAccount is designed for businesses with a minimum depositequivalent to £50,000, offering real benefits to businessesthat want to deposit funds in either Euros or US Dollars.££££Nearly two-thirds of potential exporters see financial resourcesand access to finance to expand as influential in making thedecision to trade overseas.potential exporters saycashflow and payment riskinfluence the decision to export7in10Over
    • 12 | BUSINESS UP CLOSESeizing opportunitiesBased in Ballymena, County Antrim,Norbev Ltd is a bottling companyworking for some of the biggestnames in the food and drinks industry,including Lucozade and Ribena. Itsnew management team is currentlypressing ahead with plans to increaseoutput and profitability.A new directionIn 1995, the company changed itsbusiness model. “The original door-to-door delivery model was no longerworking, so I made the decision tosell it,” says Owner and ManagingDirector James Harkness.The deal transferred ownership ofthe Braid Drinks range along with itscustomer-base, and left James with afactory. Seeking a new direction,he signed a deal with Coca-Colaand Norbev Ltd was formed.When Coca-Cola movedproduction in-house,Norbev filled the gapby securing contractsfrom several otherdrinks manufacturers.Investment was neededto improve the bottlingplant, but the requiredrevenue suffered fromseasonal fluctuationsand customer churn.Room for improvement“We had the infrastructurebut needed to become profitable,”says James. Strategically, the companywanted to focus on long-termrelationships, such as a deal withGSK to produce bottles for Ribena, adrink less affected byseasonal sales. Norbevalso hoped to diversifythrough own-brandproducts. But suchambitions faced amajor obstacle.Finance hurdlesDespite having creditfacilities from fourdifferent lenders,Norbev was strugglingto find support.“Everyone seemed tobe very negative,” saysJames. Discussions then began withSantander, with a view to undertakingBottling successContract bottling company Norbev Ltd wanted to increase profitability but wasstruggling to find the required finance. With help from a bespoke financingsolution from Santander, day-to-day worries about cashflow have eased andthe company is well-placed to take advantage of some excellent opportunities.“The newfunding haseased day-to-day worriesabout cashflow,allowing thecompany’smanagement tofocus on growingthe business.”business focus
    • www.santanderCB.co.uk BUSINESS UP CLOSE | 13FIND OUT MOREFor videos providing moreinformation on our solutionsand how we work with customers,visit our YouTube channel at:www.youtube.com/santanderukcba partial refinancing. Clive Naylor,Regional Asset and Invoice FinanceDirector at Santander, says: “We askedquestions other banks didn’t. The firstthing we had to do was understandthe management and what motivatedthem. Then we looked at the businessdrivers so we could fully understandthe cash situation.”Working capitalThis hands-on approach gaveSantander the confidence to offera bespoke £11.5 million packageto provide Norbev with the workingcapital to trade successfully, as wellas to enable it to borrow againstassets for investment purposes.The new funding has eased day-to-day worries about cashflow, allowingthe company’s management tofocus on growing the business. It’s aflexible package taking into accountmonthly variations in revenue, witha range of working solutionsincluding Invoice Finance, AssetFinance, an overdraft, and a termloan for working finance. “The dealhas given us the headroom we needto move forward,” says James.The greater goodThe deal also potentially benefits otherlocal businesses. Norbev is a majoremployer in Ballymena, and Jamestries to use local hauliers and suppliers.With the required finance in placeNorbev Ltd now has the ability todeliver on plans for higher output andprofits, and can look towards a futurethat matches its history of success.Fast factsn Company turnover: £40 million.n Sector: manufacturing.n Owner and Managing Director James Harkness sold a part of theoriginal family soft drinks business in 1995, reinventing the companyas Norbev, a contract bottler working for major brands.n Having invested in a new production line in 2010, Norbev’s boardwanted to focus on improving the management team and creatinga growth plan but it struggled to find the right financial support.n Santander got to know the business and the team and offered abespoke finance package that provided Norbev with the fundingit needed to trade and grow.n Santander wanted to provide a long-term solution and wasdetermined to examine the company’s business drivers and cashflow.n The Santander funding package has helped restore the company’scashflow, smoothing out seasonal fluctuations. Norbev is now setto increase output as part of its growth plan.James Harkness,Owner and Managing Director,Norbev LtdSolutions deliveredn Invoice Financen Asset Financen Overdraftn Term loann Refinancing of propertyand other assets
    • 14 | BUSINESS UP CLOSELast year, the Surrey Business Schoolat the University of Surrey wascommissioned by Kingston Smith LLPto conduct a national research studyinto the triggers for SME success. Thismeant identifying thecrossroads or criticalincidents reached bybusinesses, how keydecisions were takenat these vital stages intheir development andthe triggers stimulatinginnovation and growth.Driving themarket economyA vibrant SME sector is one ofthe principal driving forces in thedevelopment of the market economyso it is not surprising that, sincethe 1980s, the birth and growthof new firms has been seen as amajor source of economic growth.The UK Department for BusinessInnovation and Skills has estimatedthere are approximately 4.5 millionsmall businesses in the UK providing13.7 million jobs, equating to halfthe private sector workforce in2011. However, while SMEs areof importance, it is their durabilitywhich can be considered of greatersignificance. The precarious natureof SME existence hasbeen well documented.Recent UK Office forNational Statisticsestimates indicate thatfewer than 65% ofSMEs are still tradingthree years after start-up, with fewer than45% surviving afterfive years. Put simply,smaller firms are morelikely to die than larger firms. Cashflowmanagement plays a vital role inkeeping these businesses alive.What does success look like?In the study, it was found that successfulSMEs proactively monitor their cashflowand liquidity and, alongside cashflow,businesses with larger numbers ofemployees recognise the importanceof a broad range of success factors,including planning, sales, marketing,Cashflow:the SME lifeforceProfessor Mark Saunders explains that, in research conducted withcolleagues at Surrey Business School into the triggers for SMEsuccess, cashflow was found to be a crucial influencing factor.“While SMEs areof importance, itis their durabilitywhich can beconsideredof greatersignificance.”managing people, having a websiteand using social media.Also, although the market is difficult,SMEs can still grow, if they are willing tobe innovative, flexible and adapt quickly.The most successful SMEs interviewed forthe study were proactive within the marketand open to opportunities across allsectors both in the UK and internationally.They had the flexibility to adapt quicklyto changing market conditions.business focus
    • www.santanderCB.co.uk BUSINESS UP CLOSE | 15JOIN THE DISCUSSIONBy joining Santander Corporate& Commercial’s LinkedIn®pageyou can discuss the findings ofthis report and other businessinsights: www.linkedin.com/company/santander-uk-corporate-&-commercialOther keyfindingsThe report found that SMEs should:n Get ‘close’ to customers,establishing reputation andrelationships to achieve retentionand referrals.n Define the unique selling point ofthe business and put it on the frontpage of their website.n Connect with social media in waysthat fit the business.n Encourage employees to think andbehave in novel ways.n Monitor and respond rapidly to theactions of competitors.n Avoid high risk projects.n Share ideas through social networksand media.n Take calculated risks but neverignore intuition. Respond to marketconditions – learn to rein in thebusiness as well as expand.n Consider outsourcing someactivities, especially in turbulenteconomic conditions.Keep an eye on liquidityTo stay strong and see their plans cometo fruition, SMEs must monitor theircashflow and liquidity proactively, takingquick and decisive action and shouldalso consider diversifying sources offinance when necessary.There is also a need for banks andpolicymakers to use social media fordisseminating information aboutsources of finance and to engage SMEsin a debate about their financialneeds. It should be demonstratedto SMEs through transparentpolicy initiatives that all businesses,irrespective of size, get equaltreatment in fiscal and monetarypolicy initiatives.The full Surrey Business Schoolreport can be accessed at: www.surrey.ac.uk/sbs/files/Success_in_Challenging_Times_Report%20.pdf
    • We’d love the opportunity to speak to you. For informationon the ways we could help your business, please get in touch withyour local Santander Relationship Director.Find their contact details through our website:http://businessinsight.santandercb.co.uk/santander/contactFollow the Santander UK Corporate & Commercial Banking LinkedIn®page,which is regularly updated with:■ Insight and advice from business leaders and commentators■ Expert news and views on the economy■ Information about initiatives, details of awards and events sponsoredor hosted by SantanderTo access all this and more, visit the link below and ‘follow’ us:www.linkedin.com/company/santander-uk-corporate-&-commercialYou can also watch videos showing how we work with ourcustomers at: www.youtube.com/santanderukcbJoin InLET’S TALKmain redPMS 1795CC0 M96 Y90 K2YOUTUBE LOGO SPECSPRINTgradient bottomPMS 1815CC13 M96 Y81 K54on dark backgroundson light backgroundsstandardno gradientswatermarkstacked logo (for sharing onstandardno gradientswatermarkstacked logo (for sharing only)whiteWHITEC0 M0 Y0 K0blackBLACKC100 M100 Y100 K100Santander Corporate & Commercial is a brand name of Santander UK plc, Abbey National Treasury Services plc (which also uses the brand name of Santander Global Banking and Markets) and Santander AssetFinance plc, all (with the exception of Santander Asset Finance plc) authorised and regulated by the Financial Services Authority, except in respect of consumer credit products which are regulated by the Office ofFair Trading. FSA registration numbers: 106054 and 146003 respectively. In Jersey, Santander UK plc is regulated by the Jersey Financial Services Commission to carry on deposit-taking business under the BankingBusiness (Jersey) Law 1991. Registered offices: 2 Triton Square, Regent’s Place, London NW1 3AN. Company numbers 2294747, 2338548 and 1533123 respectively. Registered in England. Santander and the flamelogo are registered trademarks. Santander UK plc is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum totalamount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website (www.gov.je) or on request. CardPayment Processing provided by Elavon Financial Services Limited. Registered in Ireland with Companies Registration Office. The liability of the member is limited. United Kingdom branch registered in England andWales under the number BR009373. Elavon is a trading name of Elavon Financial Services Limited. PHR-STA-1009-UK Rev 0609.