Optimising cash flow for your business in these politically volatile times
This is not another party political broadcast. Due to other commitments, we have not had the time to form the rhw party in this election cycle, but who knows what may lay ahead for 2022…?
On a serious note, regardless of your political ideology, the compound effect of uncertainties flowing from Brexit, Trump, the snap election and general elections in France and across Europe are likely to be providing your business with both new challenges and opportunities.
At rhw we recognise that optimising your cash flow is more important than ever.
Data released by the Chambers of Commerce in 2016 highlighted the negative impact of late payment on SMEs in the UK.
Key Statistics
- 76% of SMEs reported suffering cash flow problems as a result of goods and services not being paid on time.
- 25% of small businesses spend at least 3 hours a week chasing creditors for late invoices.
- Just over 50% of the small business are owed at least £5,000 in overdue payments and around 20% have more than £20,000 outstanding.
One of the biggest problems these businesses face is not finding enough work or making enough profit, but cash flow problems caused by not being paid within the agreed timeframes.
rhw’s Commercial Debt Recovery Service enables businesses of all sizes to cost-effectively outsource the chasing of debtors so you can spend your time forging ahead with managing the successful future of your business. Read the full details about our commercial debt recovery service.
Daniel Crate, rhw Solicitors LLP
