RIABU recommends some new year resolutions for SMEs
In a poll by The Federation of Small Businesses (FSB), almost half of small firms in the UK are predicting a downturn in their performance for the near future.
UK SMEs are wasting millions of hours chasing late payments
UK small business owners are finding it hard to keep up with late payments as they spend up to 56.4 million hours a year chasing overdue payments, with some business owners doing it outside of their regular work hours, eating into their personal and family time.
Vicious cycle: SMEs paid late owed £50 billion to their suppliers in 2018
Unpaid invoices or late payments can set off a chain reaction that causes delays and instability in supply chains and the wider economy. SMEs in the UK that were paid late ended up owing money to their suppliers in 2018, leading to a cycle of late payments.