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.
Once again, fears around the uncertainty of the date and form Brexit will take has led to risk aversion amongst clients who are waiting to see what direction both Brexit and the economy will take.
There will be a government consultation on strengthening the powers given to the Small Business Commissioner to hold firms to account should larger companies fail to make their payments on time. What these powers would be is not certain, but they could include enforcing binding payment plans or imposing financial penalties on businesses found to have unfair payment practices.
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.
UK firms not ready Figures seen by Newsnight suggest that many UK businesses are woefully unprepared for a no-deal Brexit. In February HMRC launched a scheme aimed at easing imports if the UK left the customs union and single market suddenly. The Transitional Simplified Procedures scheme (TSP) has been designed to help UK businesses import […]
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 […]
“For many small businesses, the difference between getting paid in 60 days and 90 days can be vital. Cashflow problems due to late payments are a real problem for SMEs in this country and with first quarter figures showing a rise in insolvency among smaller businesses, it is an issue that needs to be robustly addressed.
There are now hundreds of miles of road that have been converted to smart motorways meaning that the hard shoulder can be used as an additional lane in order to ease peak traffic congestion. The red X above the lane indicates that the lane is not open, and it is potentially hazardous to use due to an accident or break down waiting to be cleared.