With businesses across the UK seeking to reduce their impact on the environment due to the current climate crisis, we look at the cost of really going green for SMEs in 2020. Businesses are one of the largest consumers of resources, and with severe weather across the globe and greater public awareness of climate change, […]
2019 proved to be a tough year for many businesses, with research showing that the combined turnover of companies that went bust was around 1.2billion. With firms going under, this left many subcontractors and suppliers with huge losses unlikely to be recovered, leading to potentially even more businesses failing. So why did so many businesses […]
Recent research conducted by Pay.UK has revealed that more than a quarter of SME business owners are stressed about late payments even when they are not in the office. A staggering two thirds (66%) have reported that late payments make running their business less enjoyable, and around 10% have needed professional support and counselling to […]
Starting a new business can be both exciting and scary; it’s a huge achievement to get a business off the ground but can be difficult to maintain. Every business will face hardships and struggles no matter the size of the organisation, and here we look at some of the toughest challenges for new businesses to […]
Late payment is crippling small businesses while the UK economy is crying out for investment. By failing to tackle late payment we are starving our small businesses of the capacity to act. The recent huge escalation in outstanding payments shows that decades of promoting ‘culture change’ has only made things worse. This bill will tackle the issue once and for all with a package of measures that is operable, impactful and measurable.
At Daniels Silverman we have compiled a list of the steps you should be taking to ensure that you are paid what you owed. Do your research: if a larger company has sub-contracted work to you and it is worth a lot of money, research the company. Are they known to be unreliable payers? Ask […]
If your customer meets the criteria and they have failed to pay your invoices as and when they fell due, you can serve a statutory demand to ask for payment of a debt from either the individual or company.
Sadly, a lot of resolutions fall by the wayside before we have even entered February. There are steps you can take to be more in control of your businesses’ financial situation that are realistic and so more easily kept as resolutions. Small steps can lead to big change if they are routinely implemented.
Once an invoice becomes overdue, the likelihood of successfully collecting that invoices decreases the older that debt becomes.
Almost a third (31%) of SMEs have experienced late payments costing their business at least £10,000 in the last 12 months according to research released by Hitachi Capital UK recently. More worrying are the figures released by the Federation of Small Businesses (FSB) which states that 50,000 smaller firms go under every year due to late-paying clients. The FSB estimate that the cost to the economy in the UK is as much as £2.5 billion.
What options do businesses have when their invoices aren’t paid on time and become debt?