Late payments have become a growing issue for Small and Medium-sized Enterprises (SMEs) in the UK, with outstanding payments significantly impacting cash flow and business growth. According to Aldermore's recent SME Growth Index, late payments have increased by 48%, totalling £348 billion. This article explores the scale of this problem, its impact on SMEs, and possible solutions.
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As a small business owner, managing finances can be one of the most challenging aspects of running your business. When debts go unpaid, it affects your bottom line and can create a domino effect of financial consequences. Understanding the connection between debt recovery and credit reporting is crucial to protecting your business and financial health. In this blog, we’ll break down the link between these two aspects and what it means for small business owners facing overdue debts.
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As a small business owner, facing delayed payments or defaults from clients can create significant challenges. With economic fluctuations and ongoing market uncertainties, timely payments are more crucial than ever. However, before rushing into legal action, there are several proactive steps that can help reconcile debts and maintain strong business relationships.
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