GM Business Connect spoke with Paul Daine, Managing Director of Premium Collections, about the cashflow issues of businesses affected by the pandemic. Paul commented: “As we now enter what hopefully should be the final phase of lockdown and the end of the Furlough scheme in April, many small business owners will have some very difficult decisions to make about their future and that of their business. If you run a business in the retail and hospitality sectors,
According to research from BACs published in 2018, almost half of the UK’s SMEs receive late payments. The average is 72 days. In cash terms, this represents £26 billion owed. Paul Daine of Premium Collections, has this to say about cash-flow issues for small and medium sized businesses, “Chasing payments is a huge barrier to productivity and growth. Late payments are not just an inconvenience, because they can make the difference between keeping afloat or actually going out of business.”
If late payments are so prevalent,
Personal insolvency has consequences that can be far reaching in its impact on employers, leaving them facing difficult, unexpected issues. One such issue involves cars used for business purposes and their recovery. Here we talk about how insolvency can have a knock-on effect for business fleets and fleet management.
Who’s car is it anyway?
Who owns a company car? There are certain pros and cons to do with whether the business or the employee owns it.
With Brexit only 6 months away businesses need to be prepared for how international trading, whether they import or export (or both) and whether they trade in goods or services, will be affected after 29 March 2019. With the pound currently almost on par with the Euro, it is already more expensive for UK businesses to trade with European partners, although the plus side is that at the moment Europeans are getting more for their money when buying from UK businesses so the UK has at least seen the potential to increase European sales.
Cash flow is the lifeblood of Businesses. It enables them to invest and expand. Without it they cannot be sustainable. To make the most of opportunities, a business needs confidence in their cash flow. This means getting to grips with credit management.
How well do you know your customer?
You must know who you are dealing with. You need to know the person you are trading with is credit-worthy. Should things go wrong, the more you know about them,