companies survival

Late Payment Remains “Headache” for a Third of Small Firms

Late Payment Remains “Headache” for a Third of Small Firms

A third of small businesses say late payment issues continue to be a barrier to success, with a fifth stating that the problems are getting worse, according to the latest Close Brothers Business Barometer (CBBB). The report, which is a quarterly survey by finance group Close Brothers Invoice Finance (CBIF), revealed that for companies who find late payment issues a major “headache”, 65% believe it results in cashflow problems and an additional 15% feel that it threatens their firm’s chances of survival. More than half of the companies struggling with late payment problems also stated that it has resulted in their business having to reduce their average annual turnover by up to 10%, with nearly a quarter confirming that they had to write off between 10% and 25% of their turnover in the last... »