How the UK Small business economy was impacted by Covid
A detailed analysis of how the U.K.’sSmall business economy was impacted by Covid has been published by the Chartered Institute of credit management.
This research which was set to track how many small organisations suffered from late payment found that more than half were affected with a collective debt burden of £17.5 billion.
The average amount overdue was approximately £20,000 per business leaving the future of 59% of small businesses very much in the balance, pretty grim reading.
3/4 of those experiencing these late payments receive funds over one month later than the agreed terms.
Large businesses used to be the worst offenders for paying late, but this research now suggests otherwise. 75% of these debts are owed by one SME to another SME.
So if any business network members are affected by this problem, please remember that Jack Russell are able to help a