NOW’S the time to ensure your cash is working as hard as possible for both you and your business.

So, why am I saying this… and why am I speaking out at this point in time?

The UK economy is, undeniably, going through a difficult period, with limited growth and talk of a possible recession never too far away.

With so many businesses remaining concerned about their balance sheets as inflation remains stubbornly high, it’s becoming increasingly important to manage your money effectively.

And this starts by maximising returns on your investments.

Please allow me to explain what I mean and what can be done…

While the costs of living - and operating businesses - have undoubtedly gone up, so have the interest rates that some bank and building society accounts pay.

After a decade in the doldrums, businesses with ‘cash in the bank’ are finally witnessing a better return.

It’s now incumbent on every business to ensure that they’re making the most of their money at their disposal.

Invariably, this starts with ensuring that any cash is providing the best possible return.

While this may sound obvious, I’m aware that running a business is frequently all-consuming which can result in money not being moved to accounts offering the best-possible interest rates at the right point in time.

Depending on the sums of money that are invested and the length of time they are invested for, this clearly has the potential to have significant financial repercussions.

In the past, our commercial bankers would support us with comparably worthwhile interest rates on the corporate monies we held with them.

In the short to medium term, this doesn’t appear to be happening and companies must now seek other solutions to secure preferential interest rates.

And this is where ‘cash platforms’ can potentially prove invaluable.

In short, these platforms provide a single place to buy and hold these sums of money.

The best option for many might be the cheapest platform, while for others it may come down to performance, ease of use or even the tools and features that are available.

But financial planners have access to cash platforms which can provide higher rates of return than can be obtained from the well-known high street names.

Future Life Wealth Management has been able to increase the interest rate some clients enjoy by 45 times, compared to what they had previously received.

Maximising these investments clearly has the potential to bring very real benefits.

With recent rises in interest rates and increased market volatility, some businesses are starting to consider the amount of interest these platforms pay – but, in my experience, there’s still work to be done if they have any money sitting in cash.

Quite apart from being a golden opportunity to maximise your returns, this approach really does make sound business sense.

To contact Jillian or another member of the Future Life Wealth Management team go to https://wealthmanagement.uk.com/ .

No individual investment advice is given, nor intended to be given in this article and liability will not be accepted in respect of any action you may take as a result of reading this article. If you are unsure you are urged to take independent investment advice.

[This editorial opinion article was originally published in the Sheffield Star and Derbyshire Times...]