Small companies in Britain are missing out on potential business worth £52 billion because they do not have the funding they require, according to a new survey.

One in eight established small- and medium-sized firms in the UK reported missing a business opportunity last year because they did not have the funds to follow it through, reports GE Commercial Finance.

This in turn resulted in average lost sales across the year of £1.4 million each, the companies reported.

“With firms across the country predicting a healthy year of growth, it is vital that they secure the right amount and type of funding early on if they are to achieve their goals and minimise missed opportunities,” said John Jenkins from GE Commercial Finance.

“Professional advisors have a big role to play in supporting firms by ensuring that they can understand and access the right funding solutions appropriate to their business and, crucially, at the right time,” he added.

Of the firms who’d lost out on potential business, the majority (52 per cent) said they’d not been able to follow through on between one and five opportunities.

Business owners are within their rights to refuse workers’ requests for flexible working, according to a legal expenses insurer. DAS says that, although flexible working rights have now been extended to an additional 2.7 million people, employers can turn down requests if there is a valid business reason for doing so. These include the burden of additional costs, a detrimental effect on the ability to meet customer demand and a detrimental impact on quality.