Our Small Business late payment survey results
Over the past few months we have reached out to some of our past and present Small Business clients to help participate in a survey. Selected recipients were invited to answer a number of questions relating to the running of a small business in these turbulent economic times.
Clients from a cross section of varying industries were asked for their opinions on matters relating to trade and more specifically late payment. The objective was to obtain data relating to Small Business late payment and the impact it has on Small Business owners.
After we collated all the completed forms and data, the results were quite shocking to put it in layman’s terms. We learned that many of our clients are living with the constant fear of non payment of invoices. This is severely impacting on their mental health and their ability to perform daily business functions.
The unseen impact of Small Business late payment
We obtained the data to help shape our business going forward to to offer as much support to Small Businesses as possible in the current economic climate. Very often, when a Small Business owner is not paid, it can have a detrimental effect upon their well being.
Thousands of Small Business owners are operating hand to mouth so a hole in their cash flow is not an option. Yet, as we know all too well, the are those that seek to gain by causing misfortune for others. Many Small Business owners often feel powerless and we are proud that we have helped thousands of small businesses across the UK collect what they are owed to them.
Small Business late payment survey review
We have included some of the feedback here that we have received from small business owners. It makes for stark reading and only serves to fuel our passion for what we do. It is imperative that Small Businesses are paid on time, every time. If this is not the case then we guarantee to do all we can to make that happen.
a surprising 66% of Small Businesses said they had seen a rise in late payments over the recent period. More surprising was the number of Small Business owners who stated that it has had a negative impact on their mental health.
Our Managing Director Marc Curtis-Smith commented “Everyday we receive calls from beleaguered small business owners at the end of their tether. People are deliberately not paying them and we totally understand their frustrations”
“The UK media tends to focus on those in debt and rarely spares a thought for those on the other end of the spectrum; the people who are actually owed money and the suffering and ramifications of such. It is entirely unjust and unfair. This is why we are so passionate about helping small businesses by way of recovering debts where possible and as quickly as possible
Survey highlights table
SURVEY HIGHLIGHTS | Yes | No | Unsure | |||
| Has your Business experienced an increase in late payments? | 66% | 31% | 3% | |||
| Has late payment had a negative impact ion your mental health? | 79% | 205 | 1% | |||
| Do you constantly worry about being paid? | 61% | 34% | 5% | |||
| Has business late payment impacted your personal life as a result? | 41% | 51% | 10% | |||
| Are you confident you will still be trading in 12 months? | 46% | 48% | 6% | |||
| Have you had to use personal funds to ensure cash-flow? | 66% | 32% | 2% |
*We have also made our data available to a number of news and business media agencies.
Small Business help and advice
If you need Small Business debt collection assistance, speak to us today for FREE Confidential advice on your options to recover. We provide a free assessment of your case and can check that it is recoverable.
Alternatively, if you are a small business owner struggling with the mental impact of late payment or running a small business in general, it is advisable to speak to a professional. Please visit Mental Health UK for support and advice.