The Frightful Figures Haunting Small Business Owners this Halloween
This short blog shows some frightful figures for small business owners, which cant be ignored this Halloween. Don’t get spooked by these figures, not there to scare but to help.
Its nearly Halloween and we have Some of the “frightful” figures:
– 17% of small business owners forgo paying themselves wages in order to pay staff and keep their business afloat
– 27% state they are struggling to survive due to late payment and unpaid business debts
– 43% are unable to pay suppliers on time, with 29% saying late payment issues are directly having an adverse knock-on effect on any long term relationships with both customers and suppliers
– 26% felt they had wasted time and money chasing late payments, and that the process had diverted substantial time from running their business
– 31% incurred bank charges and fees to secure bridging finance/short-term borrowing to cover the ‘black hole’ left by late payments
We understand that sometimes things in business happen and there might be a genuine reason as to why your customers have been unable to pay for services rendered. Sometimes, once you take the time to ascertain why they cannot pay, the solution is easily fixed. The appropriate steps can be taken. For a helping hand reconnecting with your customers and getting back on track, get in touch with us today on 0800 953 3631 or visit our website and start a chat session with one of our Business Development team.