A survey by Bibby Financial Services last year found 25 per cent of small business experienced serious cash flow shortages in the previous 12 months due to late payment by customers.
And the problem of late payment by businesses appears to be getting worse. According to the most recent Dun & Bradstreet Trade Payments Analysis â€“ which examines firms’ ability to pay their bills – the number of bills left unpaid for 90 days or more grew by 20 per cent in the December quarter compared to the year previously.
How do you battle against late payments in your business?
Photo by TaxBrackets.