It is reported in the Independent and the Yorkshire Post that small firms are waiting six weeks longer than big businesses for invoices to be paid. Its research found the delay is placing huge pressure on small firms’ cash-flow as well as their ability to expand. The average waiting time for payment is 71 days for smaller firms, compared with 38 days for the largest companies. This report is typical of the feedback received from small businesses. These are the very same people who deny that they have any problems whatsoever with credit control or cash-flow (or anything else that we may be offering) when we telephone them. They may (perhaps) be forgiven as most don’t understand the full cost implications and hidden costs of suffering late payment.
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