Late payment has always been an issue for small businesses but it's a particular problem when the economy is suffering. But there are things you can do to ensure you get paid on time.
According to family-run finance firm, Bibby Financial Services, British businesses are now waiting an average of 61 days for payments - a figure it describes as an "an all time high" since the passing of the Late Payment of Commercial Debts Act of 1999.
"Many small businesses are reluctant to ask larger companies to pay on time for fear of damaging relationships with key customers and ultimately losing business," explains Bibby chief executive, David Roberston. But he says that small businesses should remember that they have "the law on their side" as well as the right to charge interest on late payments.
So how can entrepreneurs manage their credit control procedures more effectively and avoid falling in to the late payment trap? Here are some handy guidelines to follow:
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