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Late Payments Costing Small Businesses Over £130k
New research reported by Credit-Connect last week revealed that small businesses are missing, on average, a huge £130k from late payments over the last twelve months. The survey, conducted by Dun & Bradstreet (D&B), global business analytics provider, polled over 750 businesses. They found that over 20% of payments made to these businesses were late, […]
Business Tips With Sean: Part One
Our director, Sean Husband has a wealth of business knowledge so we wanted to tap into this and share some helpful tips that can help your business in a whole number of different situations. If you have a burning business question that you’d like Sean to answer, then get in touch today and we’ll add […]
Advice for Engaging with Debtors
Chasing payments is an incredibly frustrating process, especially if your business doesn’t have a dedicated credit control team. We have reported before on the direct link between commercial debt recovery and the impact this has on business owners’ mental health. It can be an exhausting, stressful task that is tempting to put off if you […]
Business Tips for the New Financial Year
As we kick off a brand new financial year, it is a great time to take a step back and look at your financial plans for the year ahead. If you’re an SME and don’t have a huge team behind you then it can be a daunting challenge to decide where best to focus your […]
What Does the Small Business Commissioner Do?
Last week, the government and Small Business Commissioner (SBC) announced that Liz Barclay will be taking over as the new SBC. Ms Barclay is making history as the first woman to hold the position and she brings a wealth of business acumen, experience and a background in journalism to the table. But what does the […]
How To Recover International Commercial Debts?
Working with international customers can open up a whole new world of business opportunities for your company. However, if prompt payments from those customers begin to decline then recovering monies can become complex. If you need to know how to recover international commercial debts then we’ve put together a guide to help you. But be […]
When is the Right Time to Instruct a Commercial Debt Recovery Agency?
Chasing late payments or unpaid invoices can be a time-consuming process, especially if your debtor is not particularly forthcoming with their communication or willingness to pay. We often find that our clients recognise that they need some assistance but they’re not sure when is the right time to instruct a commercial debt recovery agency. There […]
Is Implementing a Payment Plan For Debtors a Good Idea?
If you’re trying to handle your collections and credit control yourself, you might often be left wondering if implementing a payment plan for debtors is a good idea? When you’re facing multiple late payments, or sometimes no payments at all, it is tempting to try and be flexible with your debtors in a bid to […]
Flexible Repayments for Bounce Back Loans
Last week the government announced flexible repayments for Bounce Back Loans that were taken out by businesses to weather the economic storm caused by COVID-19. The scheme was introduced to enable SMEs to access vital funding throughout the coronavirus outbreak and it was announced in December 2020 that the scheme would be extended until 31 […]
Top Three Credit Control KPIs to Keep Track Of
With late payments running rife in many industries, our top three credit control KPIs to keep track of will help you identify areas in your current credit control process that require attention and improvement. Late payments have been an ongoing issue, enough to push the government to overhaul the Prompt Payment Code. How effective is […]