There are many reasons why SMEs fail to recover money they are owed; a lack of time, a lack of the skills and expertise needed to successfully recover the debt, embarrassment at approaching clients for the money and a genuine fear of alienating their clients and losing out on possible future work. These are all understandable reasons but not having money you are owed for goods or services you have provided puts your business in danger.
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With the focus now on their core services Kier are moving to simplify their portfolio by selling, or substantially exiting, Facilities Management and Environmental Services as well as Kier Living. This will deliver approximately £55 million in annual cost savings by 2021 and focus on cash generation in order to reduce their average net debt.
This is a blow to the construction industry with both output and new orders declining to their largest extent since the first quarter of 2018. This weakness has also affected the hiring sector as employment numbers for May fell at their sharpest rate for more than six years.
Trouble for Philip Greens Empire Arcadia The troubled Arcadia Group is in the news at the moment as Philip Green attempts to make a deal to save the fashion empire. Arcadia, which owns high street retail brands including Top Shop, Wallis, Dorothy Perkins, Miss Selfridge and Burton is trying to agree a Company Voluntary Arrangement […]
Anxiety and depression among SME owners are often linked to factors around cash flow and ensuring the viability of their company. This can be compounded when the business has invoiced for payment, but they are repeatedly paid late, or the payment becomes so overdue it becomes a debt.
London ULEZ The Ultra Low Emission Zone (ULEZ) has come into force in central London, with Birmingham and Leeds’ Clean Air Zones set to follow by January 2020, and cities such as Manchester and Sheffield also looking at ways to charge the most polluting vehicles entering their cities. This is all good news for campaigners […]
Some of the largest companies in the UK made a loss this year with Kier, Keller and Laing O’Rourke all reporting an annual loss.
Unfortunately, the situation for many SMEs is that late payment of invoices can be the difference between staying in business or going under. Cash flow is the number one cause for businesses to fail and repeatedly late payment is a contributing factor to this.
Energy Regulator Ofgem under pressure after third energy supplier in three months goes bust. Energy regulator Ofgem is facing renewed calls to toughen up on start-up energy suppliers as the number of failed energy groups reaches three in less than three months. Ofgem sought to encourage more competition in the energy market and intentionally lowered […]