small business finances

7 Ways Small Businesses Can Avoid Late Payments

7 Ways Small Businesses Can Avoid Late Payments

Running a small business demands juggling sales, customers service, managing staff, bookkeeping and 101 other jobs. Business owners work to their limits to run and grow their firm and the stress can be made much worse when you’re worrying about getting paid for it. Late paying customers has become a massive issue for small and medium business owners, with many owed billions in outstanding payments and being forced to borrow in order to keep cashflow going; whilst chasing late payments and managing the administrative burden also causes a huge strain on resources. So what can business owners do in order to avoid or at least reduce the impact that late payments may have on their business? Here are seven tips to help you keep your firm’s cash flowing: 1. Do your research: Seek busi... »

Miscellaneous Costs and Stationary Revealed as Biggest Surprise Expenses for Small Businesses

32% of enterprises fail to shop around for better prices for “small costs” 13% of small business owners are inadequately prepared for minor miscellaneous costs, such as tea and toilet roll, according to new findings from insurance company AXA. A further 13% named stationary and printer ink as the biggest unexpected cost, with the size of phone bills (9%) and postage charges (6%) also named among the top surprise expenses for small firms. Despite these shock costs, 32% of enterprises fail to shop around for better prices. As the financial year comes to a close, the survey, which featured 297 small business owners, highlighted the need for small businesses to dedicate more time to managing smaller costs. Darrell Sansom, managing director of AXA Business Insurance, commented on the research: ... »