SMEs Late Payment & Cash Flow as Biggest Issues | Middletons Solicitors | Andover
Late payment and cash flow are the biggest barriers to growth facing small to medium-sized enterprises (SME), according to research by the Federation of Small Businesses (FSB).
The FSB is so concerned about the problem that is has started a campaign to raise awareness of the impact of late payment and to bring about improvements.
The campaign involves lobbying MPs so they’re fully aware of the issues, and urging them to raise the matter in parliament. The FSB is also highlighting examples of larger businesses that are extending their payment terms and explaining the impact this is having on suppliers.
It is also urging all local authorities to follow Wakefield Council’s lead in paying suppliers within 30 days.
The FSB research highlights that many firms are continuing to struggle in the current economic downturn. Businesses need to monitor their credit control carefully to ensure their customers and clients pay on time – failure to do so can lead to cash flow problems that can cripple otherwise profitable companies.
Please contact us in our Warminster office on 01985 214444 or Westbury on 01373 865577 if you would like more information about the issues raised in this article or any aspect of credit control and debt collection.