British small businesses are owed £12000 each on average in late payments. Victorian small trade commissioner,Geoff Brown, explains how his office intervenesManaging cash flow is widely acknowledged to be the key juggling act for small businesses. Vast amounts of time are taken up with chasing late payments from clients and customers, or negotiating more favourable terms for their own payments and finding cash to alleviate the pressure during quieter months. Accountancy firm Sage reports that small businesses in the UK are owed,on average, £12000 each because of late payments. That works out to be £55bn in the country overall. Up to 23% of SMEs maintain had to consider insolvency because of payment issues.
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Source: theguardian.com