UK SMEs were owed more than £34bn in late payments, equating to an average debt owed of £34,286 per business. And that was before the coronavirus outbreak. We examined cash flow coping strategies for SMEs during times of crisis in an exclusive webinar. Here are the highlights.
What can you do if you’re facing a cash flow strain during this time of crisis” Here’s how to keep your business afloat during this pandemic.
This is what’s going wrong in the UK economy (aside from Brexit) including a damaged investments sector, stalled infrastructure plans and SMEs struggling to offer apprenticeships.
The saying goes that there are only two certainties in life; death and taxes. But for SMEs, there is sadly one other unavoidable issue, and that’s the nightmare of late payment.
Bigger businesses continue to be the culprits when it comes to late payments, and who gets hurt most from it” SMEs of course. We need to punish the ones that do it.
As the UK’s small business commissioner, I’m passionate about opening up the conversation about SMEs and the late payments issues that are ravaging businesses across the country. My advice to SME owners is to speak up if you’ve been affected by late payments, and we, the government will do all in our power to help you. I’ve already made a start by calling out high-street giant Holland & Barrett for not paying their small suppliers on time.
The proposals in the Spring Statement are an opportunity to turn up the volume on slow payments and finally put an end to them.
Never cut corners when chasing payment, says Corclaim’s Jayne Gardner. Failing to follow debt management protocols can make it harder to recover bad debt through the courts in the long run.
Late payments may not sound sexy, but they are serious and are killing off thousands of promising SMEs a year. We meet the co-founder who’s actually doing something to stop it.
The late payments issue has been growing over recent months, and with small businesses being most affected, the government has voiced its disapproval by announcing a plan of action to try and stop it.
Due to Brexit uncertainty, more companies are trying to forge better relationships with suppliers.
Numerous SMEs are susceptible to late payments, particularly from massive companies, says columnist Charlie Mullins.