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Why Is My Business Suffering From Late Payments?
“Why is my business suffering from late payments?” is a question that you are probably asking yourself more often as the result of the current economic crisis. Businesses are suffering from a late payment pandemic, as well as from the coronavirus pandemic, and it could be down to a number of different factors. We have […]
How Can My Debt Recovery Help Insolvency Practitioners?
My Debt Recovery has been able to help many Insolvency Practitioners (IPs) throughout its history and with the level of corporate insolvencies set to increase by more than 40% in 2021, now is a key time for practitioners to call on their network to help alleviate the pressure that will follow the number of rising […]
Financial and Mental Health: A Direct Link For SME Owners?
Forbes recently produced an article that discussed the direct link between poor financial health and mental health issues for SME business owners. It looked at causes such feeling out of control of finances or concerns about financial stability and futureproofing. “Research from MarketFinance found that most small business owners believe they will not survive into […]
How to keep an eye on my cash flow
We reported last week that a new survey from Nucleus Commercial Finance revealed that almost 25% of SMEs are operating with little or no savings behind them, meaning good cash flow is a vital lifeline for the business’s survival. Research showed that out of the SMEs surveyed that did have savings, almost 80% had to […]
My customer is insolvent – what now?
The effects of COVID-19 on the economy have been particularly distressing for business owners and the increase of late payments has been felt across all industries. Temporary insolvency prevention measures put in place by the Government are due to end in December, coupled with clearing the backlog of court action, it’s likely to result in […]
Almost 560,000 UK Businesses are in ‘Significant Distress’
The effects of COVID-19 are becoming more and more evident with new headlines appearing almost every hour, covering bleak stories of job losses and industry giants collapsing. But, there are few headlines more startling than the outcome of the Begbies Traynor Group Red Flag Alert Research. Their latest findings for Q3 2020 show that 557,000 […]
How to Choose the Right Payment Terms for Your Business
Starting up a new business is a big decision. But it’s actually more than that, it’s a whole series of decisions and judgements that you need to take into consideration in conjunction with one another to ensure that your first year in business is a success. We believe that one of the most important decisions […]
How SMEs can survive a crisis
It’s no surprise that the coronavirus has had a huge impact on the business world, not only in the UK but globally. During this unprecedented time, SMEs are having to make key business decisions in order to survive. The SME community makes up 99% of the UK’s private business landscape so ensuring its survival is […]
How to choose the right debt recovery agency
Deciding to instruct a debt recovery agency can be quite daunting, especially if you have always kept your collections process in-house. Handing the debt over to an agency to pursue can feel quite risky and you may question: will they ruin my relationship with my customer? will they be too aggressive? Unfortunately, the perception of […]
New consultation launched to protect small businesses from late payments
Small businesses across the UK are currently owed £23.4 billion in overdue invoices, which can lead to serious cash flow issues and potential closure. So, when a new consultation was launched by the Government last week, it was very welcomed. The consultation aims to give the Small Business Commissioner (SBC) more powers to support small […]
