Late payments send 50,000 SMEs to the wall
The FSB’s report into the effect of late payments on smaller businesses has found that 30% of payments to SMEs are late, with 37% of businesses reporting that this causes significant day-to-day cashflow problems. It also suggests that late payments and resulting cash flow difficulties have caused businesses to fail. The report calculates that in 2014 alone, if payments had been made on time and as promised, 50,000 business deaths could have been avoided and the UK economy would have grown by £2.5bn.
Source: SME Insider (17/11/2016)