Four in 10 consultancies are faced with the financial challenge of late payment according to those surveyed in our first Business Vision Barometer, which when technology allows for speedy and on time payment at the touch of a button is an ever surprising figure.
So what are the barriers that are still slowing down cashflow between consultancies and clients? Is it that agreed payment terms are longer, are payment terms being ignored, is there a difference in the time it takes larger compared to smaller companies to pay?
In the Queen’s Speech this year, it was announced that a proposed new Small Business Conciliation Service as part of a new Enterprise Bill would help mediate situations where payment is late, and investigate bad late payment practice in a bid to try and solve the issue of late payment and a barrier to the growth and productivity of small businesses in the UK. A commissioner role would also be created to help give businesses advice and consultancy about dealing with disputes. More about this story can be found on the bbc.co.uk website here.
Assuming that this small business support is well publicised, accessible and does what it sets out to do, would you utilise a service like this? What are your late payment issues? Is the issue getting better or worse for your business?
Go to our LinkedIn Business Vision group page to share your thoughts.