Late payment stories tell the tale of small business struggles

We recently contacted our customers to see if they were willing to share their experiences when it comes to late payments and they were more than happy to share the challenges faced by small businesses in the UK.

In the first couple of years we struggled massively with cash flow. We have to pay for materials & labour and only on completion of a job are we allowed to invoice which we then wait on average 50 days to get paid. Money is so tight that myself & my husband do not pay ourselves big wages

I’ve used your debt recovery service on two occasions when client just didn’t pay and on both occasions the legal letter was enough to get a payment within 1 week.

The trouble is we are a relatively small business that bigger companies seem to think can bank roll them whilst they get their work done.

From stories on no wages for the business owners for months on end through to legal proceedings after 18 months of debt chasing, small business owners are a sturdy bunch and we’re happy to say all of them came out the other side and are continuing to battle for money they’re owed.

As a reward for sharing their stories, the following companies receive these gifts to bring some positivity to their working day:

Proserve Building Solutions in Portsmouth receive a brand new Apple Watch, whilst MB Fire Protection of Dartford and Rutland Scaffolding based in Rutland both receive a year’s subscription to Evernote Premium.  All will receive a year’s free access to our credit information tools.

There will be more on late payments from our small businesses as we share more on what they were faced with and how they’ve developed approaches to handling one of the major challenges of being a small business owner

 

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