Category: Small Businesses

  • How and why your business should consider tightening up its credit terms

    Tightening up your business’ credit terms could help to save you time and money on chasing up late and non-paying customers. Businesses across the UK are facing serious financial consequences due to the late payment culture that is leaving them waiting months for the money owed to them. If you’re struggling to get your invoices…

  • How to improve your business’ cashflow at Christmas

    Use the tips and advice in this blog to help your business to maintain a healthy cashflow this Christmas. Most businesses will experience some level of seasonality over the Christmas period. For many retail and catering businesses it is their busiest time of year, but for businesses in other industries, sales can come to a…

  • Why do so many people get into debt over Christmas?

    The demand for debt recovery services is expected to surge in the new year as businesses struggle to collect money owed by customers who have fallen into debt over Christmas. A 2017 article in the Independent found that more than three quarters of UK families with children make financial sacrifices at Christmas in order to…

  • How is economic uncertainty in the UK affecting debt?

    According to a recent study, bad debt write-offs have gone up from 1.5% to 2.5% year-on-year due, in part, to economic uncertainty. The Western Europe Payment Practices Barometer research report, carried out by trade credit insurer Atradius, examined how today’s economic uncertainty is affecting payment practices in the UK. Key findings from the study included:…

  • What is the difference between bad debt and doubtful debt?

    Knowing the difference between bad debt and doubtful debt can help to prevent financial loss to your business. Today’s uncertain economic climate is having a negative effect on UK business payment practices, with a recent study finding that 35% of invoices remain overdue on their due date. Late or non-payment of an invoice is an…

  • 3 common late payment excuses and how to handle them

    Learn how to deal with these three common late payment excuses efficiently to get paid quicker. If your client is constantly deflecting your requests for payment and you’re beginning to worry that your invoices are never going to get paid, it’s time to tackle the problem head-on. Before you make another phone call to chase…

  • Funeral debt rises as funeral costs continue to soar

    Funeral debt rises as the average cost of a funeral in the UK continues to increase. According to SunLife Insurance, the cost of funerals has risen every year for the last 14 years, equating to a 122% increase since 2004. In 2019, the average cost of a funeral in the UK stands at £4,271, and…

  • How is the government tackling the UK’s late payment culture?

    The government are introducing new policies to tackle the UK’s late payment culture which contributes to thousands of SMEs going out of business each year. Shocking information releasedby Bacs Payment Scheme Ltd shows that small UK businesses are facing a bill of £6.7 billion (an average of £9,000 per business) just to collect late payments…