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?
A survey performed by Notonthehighstreet has revealed worrying figures for small British businesses with more than one in five fearing that they will be out of business within twelve months if Christmas sales fall below average this year. Around on in twelve stated that they could be out of business within weeks if sales are […]
Christmas is now upon us, the festive displays are up in the shops, the adverts are coming thick and fast and the first lot of office Christmas parties are already happening. While it is the season of good cheer, it is also the season of high stress for a lot of business owners. The invoices […]
Continued Uncertainty 2019 has not been an easy year for manufacturers. Continued uncertainty surrounding Brexit has dominated, while the US – China trade war has contributed to a worldwide slowdown in the sector. Make UK and the IHS Markit/CIPS Purchasing Managers’ Index (PMI) reports were published on the same day and both paint the same […]
Why turn to a professional debt collection agency? You may think that there aren’t compelling enough reasons to partner with a collection agency, after all you have in-house staff who can try and chase unpaid invoices, why use a professional? However, if you have overdue invoices and are struggling what your next move should be, […]