Philip King

Late Payment Epidemic Continues For Small Businesses

Late Payment Epidemic Continues For Small Businesses

Small businesses continue to struggle with late payment problems, with research by Tungsten Network revealing that 12% of companies wait 90 days. Furthermore, many companies say their cashflow is stretched beyond its limit and they are missing out on new business as they cannot afford to take on any new clients until they get paid. The news comes despite a surge in government efforts to lessen the payment delay for small and medium businesses, which included the introduction of an advisory board, a new commissioner to deal with small business complaints, and strengthening the Prompt Payment Code. More recently, small business minister Anna Soubry announced plans to appoint a commissioner under the Enterprise Bill. The government’s overall intention is to get businesses to pay their supplie... »