Chasing late payments can be stressful for business leaders and their staff. In this article, NatWest lays out five steps for handling late payments.
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Reliable cash flow can mean the difference between success and failure for an SME, especially during the cost-of-living crisis. So, when customers are paying late, it’s wise to deal with the issue immediately.
A study published by FSB in March 2023 found that 52% of UK businesses had experienced late payments in the previous three months, and 25% reported an increase in late payments in the previous three months. The study was undertaken alongside the Department of Business and Trade’s Payment and Cash Flow Review – an initiative aimed at examining the impact of late payments on small businesses in the UK.
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