LATE PAYMENT COULD CLOSE ONE IN TEN SMALL BUSINESSES



January 4th 2022.



Nearly one in ten small businesses – or approximately 440,000 firms – could shut this year because of late payment from clients, according to research.


Eight per cent of small businesses surveyed by the Federation of Small Businesses, said late payments were now threatening the viability of their businesses.
The FSB study of more than 1,200 business owners found that close to one in three (30 per cent) had seen late payment of invoices lengthen over the last three months.

A further 8 per cent experienced other forms of poor payment practice.

Latest government statistics show an estimated 5.5 million small businesses in the UK – a figure which fell by 400,000 over last year’s lockdowns.

Small business confidence has dropped again as more small firms now expect their performance to worsen over the coming three months than expect an improvement. Retail is the most pessimistic small business sector, followed by accommodation and food.


For the full story at smallbusiness.co.uk CLICK HERE.

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