The new EU Late Payment Directive which comes into force on the 16th March 2013 is good news for SME’s. Used effectively in credit control procedures, it will boost cash flow and profitability. In essence it strengthens the provisions of the Late Payment of Commercial Debts Act by ensuring private sector businesses pay their debts […]
Carole Hughes, managing director of Daniels Silverman, warns SMEs to be diligent and to perform customer credit checks in the run up to Christmas. “As the Christmas season goes into full swing and businesses and consumers rush to beat the VAT increase, many SMEs will neglect credit checking procedures. However, they do so at their […]
Construction Companies Must Tackle Bad Debt Or Risk Becoming Another Failed Company Statistic. Construction companies and their suppliers are facing massive financial pressure due to the current economic climate. According to the Markit/CIPS purchasing managers index #bbcnews the UK construction sector has fallen at the fastest pace for two and a half years in the […]
Double dip recession causing concern for private schools with 3 out of 5 expecting the 2012/13 academic year to be tougher than last. Private schools are facing a number of challenges brought on by the continued financial crisis. Figures from a recent Credit Services Association (CSA) report reveal consumer debt has soared with a total […]
More bad news for SMEs. Use our free top tips to boost cashflow and reduce bad debt Current financial news points to the 2012/13 financial year being another tough one for small and medium enterprises. Since October 2009, according to the Bank of England, lending to SMEs has fallen every year. Latest insolvency statistics released […]
Edward Davey announced yesterday that the Government is to take no action to strengthen the legislation governing pre-pack administrations. This is extremely disappointing, especially when their own 18 month consultation revealed how unfair they can be on unsecured small business creditors. Carole Hughes, managing director, Daniels Silverman, says: “Whilst the final decision had been delayed […]
Andre Reid was forced to pawn his Mercedes when the economic downturn left him temporarily without the money to pay the fees at his sons private school. Unable to secure a bank loan, the IT consultant, who earns £50,000 a year, took out a £5,000 loan against his £13,000 car, ensuring 13-year- old Lydon was […]
As difficult trading conditions look set to continue for some time, cash must remain king and keeping a tight rein on debt is more crucial than ever. Effective cash flow management and liquidity within a company is essential for survival. With the banks still reluctant to lend in many cases, SMEs are struggling to obtain credit. Securing […]
Credit management and debt collection company, Daniels Silverman, has seen a shocking 800% increase in the number of enquiries it has received from businesses in the plumbing sector from June 2010 to June 2011 signifying a massive deterioration in business conditions for the industry. Managing director, Carole Hughes, said: “An increase in enquiries regarding debt […]