Small businesses can feel the strain more than most, when it comes to late payments, but the impact of this can be reduced by following some practical steps to managing your cash-flow and tackling late payments at the earliest stage.
Britain's economy is well on the path for growth and 2014 is set to be a great year for business. With the right people in place and a healthy cashflow, British businesses will be in good shape to build and maintain successful long-term strategies. And who knows, perhaps the next Google or Facebook will be born from these shores.
Just as the sun seems to have finally arrived in 2013, the mood of SMEs has visibly lifted in recent months.
Chuka Umunna recently set a new year's resolution to not use the phrase 'SMEs' and accurately made the point that not all small businesses are the same so lumping them into a homogenous pile is wrong.
So, how can you ensure that the money is flowing effectively in your business? Plan! Make a list of the money going out, and the date that it goes out.
SMEs are hitting back at partners who fail to pay them on time, with more than a fifth (22%) declining to do future business