Alarmingly, research last year by payments firm Bacs revealed that SMEs are owed £33.6bn in late payments. These are worrying statistics – especially with the increasing amounts of businesses that cannot survive cashflow problems caused by overdue payments. In fact, this lack of business “lifeblood” can have a disastrous impact; which is why managing cashflow effectively is so vital.
These statistics clearly show that more needs to be done to help small businesses chase late payments. No one likes to pay, so here are some useful tips to help get that cheque:
These six handy tips can go a long in helping small businesses to get paid. However, this is not the end all and be all.
How can small businesses tick over whilst waiting for payments? What is the most effective way of dealing with late payments? What are the main concerns when it comes to managing cashflow on a daily, weekly and annual basis?
Please share your thoughts and ideas by commenting on Twitter @MicrosoftSB
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