Businesses should not fear reclaiming late payments
Small businesses should be more vigilant in ensuring they take appropriate steps to recover money they are owed, according to a local law firm.
Lawyers at Ward Hadaway have expressed fears that small businesses are often unwilling to actively seek late payments, which could make the difference between surviving and going under.
Recent research shows that UK SMEs are owed up to £33.6 billion in late payments, and over half are waiting to be paid for work. Julie Hind, head of debt recovery at the firm is now warning that this must change, as many businesses cannot afford not to get paid.
She commented: “Small businesses who are owed money should not be afraid of enforcing the payment terms agreed with their customers and clients – if they don’t then they could be putting their whole livelihoods on the line.”
Julie is now encouraging businesses to take action to get their money back, and not to be afraid of the procedures they will have to undergo to reclaim their cash.
She added: “Taking action to get back money which you are owed does not need to cost the earth so smaller companies are not necessarily at a disadvantage.
“Reminding customers of their obligations in a firm but polite way also ensures that everyone knows where they stand, something which is always important in any business relationship.”
“Small businesses or indeed any company which is owed money should not suffer in silence – because it could be the last thing they do.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.