Paying late adds to cash flow woes
OVERDUE customer payments are causing headaches for many small businesses, new statistics show.
OVERDUE customer payments are causing headaches for many small businesses, new statistics show.
The Bibby Small Business Barometer found almost one in two small business owners and managers experienced late client payments in the past 12 months, and 42 per cent believed customers were using a range of excuses for being slow to pay.
A quarter of businesses experienced serious cash flow shortages as a consequence.
Bibby Financial Services managing director Greg Charlwood said 38 per cent of SME operators expected to wait even longer for payment in the coming months.
"This will place considerable pressure on cash flow management," he said.
He said other challenges included rising interest rates.
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