{"id":4288,"date":"2018-05-08T22:19:33","date_gmt":"2018-05-08T22:19:33","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=4288"},"modified":"2022-05-04T21:38:01","modified_gmt":"2022-05-04T21:38:01","slug":"uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/","title":{"rendered":"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals"},"content":{"rendered":"<ul>\n<li>\n<h1><strong>The\u00a0debt goes up\u00a0almost a 1bn compared to\u00a0<\/strong>6 months ago<\/h1>\n<\/li>\n<li>\n<h1><strong>58% of SMEs are currently owed up to \u00a310,000, with 27% owed over \u00a320,000<\/strong><\/h1>\n<\/li>\n<li>\n<h1><strong>50% of respondents said that aged debt has hindered them from investing in their business<\/strong><\/h1>\n<\/li>\n<\/ul>\n<figure id=\"attachment_4290\" aria-describedby=\"caption-attachment-4290\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-4290\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2018\/05\/uk-businesses.png\" alt=\"\" width=\"800\" height=\"532\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses.png 1380w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses-300x200.png 300w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses-768x511.png 768w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses-1024x681.png 1024w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses-287x190.png 287w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-4290\" class=\"wp-caption-text\">UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals<\/figcaption><\/figure>\n<p>Research by\u00a0Liberis, a small business finance provider, has revealed that 72% of SMEs are spending up to 3 days every month chasing money they\u2019re owed. This is costing each business an average of \u00a35,000 per year in time spent trying to recover these funds.<\/p>\n<p>The survey also found that a quarter of SMEs are chasing \u2018aged debt\u2019 of over \u00a320,000. But on average, survey respondents are owed \u00a311,000, so to put this into context using official figures, there are 5.7 million SMEs in the UK, meaning business owners are potentially chasing \u00a314.9 billion in late payments. The resounding effect of this has led to SMEs not being able to invest money into their own businesses.<\/p>\n<h1><strong>The Problems with Aged Debt<\/strong><\/h1>\n<p>Over a third of surveyed SMEs say aged debt is affecting their cash flow, with half of all respondents stating that unpaid bills have prevented them from investing in their business. Some of the key issues respondents mentioned were : \u201cnot being able to buy new equipment\u201d, \u201cnot being able to pay or hire staff\u201d and having to \u201cput plans to expand their business on hold\u201d.<\/p>\n<p>One employee said: \u201cI worked at a small business for just over a year and my time was often taken up by chasing aged debt. There were months where there were issues paying staff on time and the company was always struggling to invest\u201d.<\/p>\n<h1><strong>What Role do Small Business Owners Play?\u00a0<\/strong><\/h1>\n<p>40% of businesses explained they don\u2019t have a clear debt recovery process, In addition, 30% of small businesses said they have or would consider sourcing additional business finance to cover cash flow issues from debtors. Add to this that 72% of the SMEs spend up to three days a month chasing invoices and it becomes clear that smaller businesses are frequently surviving on slim profit margins, with a limited amount of time to invest in growing their business.<\/p>\n<p>Small businesses want to be able to maximise their buying power for greater profitability, but don\u2019t have the initial investment required. Seeking a business cash advance is one short term solution to plug a cash flow gap but changing payment terms and being stricter with credit control can ensure that businesses aren\u2019t chasing mounting unpaid bills in the future.<\/p>\n<h1><strong>Retailers Are the Most Affected by Aged Debt<\/strong><\/h1>\n<p>Those most affected by unpaid debt (21%) were from the retail industry, double that of small businesses in the I.T and tech sectors (8%). Both of these industries rely heavily on the performance and quality of their technology, and with the majority of respondents saying that the amount of outstanding debt prevents them from investing in equipment, this suggests that debt is more than just a cash flow issue: it stops businesses from seizing opportunities to grow.<\/p>\n<p>\u201cRob Straathof, CEO at Liberis, said \u201cThe government continually stresses the importance of small businesses to the nation\u2019s economy, but with mounting debts owed by their clients and customers, some SMEs are at breaking point, which could have a knock-on effect on Britain\u2019s financial state.<\/p>\n<p>Better management of cash flow is essential for survival, but not all business owners are aware of the available channels to collect outstanding balances and often fear damaging a relationship with a client. However, relationships aside, businesses are severely hamstrung by irregular cash flows so owners should make themselves familiar with legal avenues to help them recuperate the money they are owed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0debt goes up\u00a0almost a 1bn compared to\u00a06 months ago 58% of SMEs are currently owed up to \u00a310,000, with 27% owed over \u00a320,000 50% of respondents said that aged debt has hindered them from investing in their business Research by\u00a0Liberis, a small business finance provider, has revealed that 72% of SMEs are spending up to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4290,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[25],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals - OpenBusinessCouncil Directory<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals\" \/>\n<meta property=\"og:description\" content=\"The\u00a0debt goes up\u00a0almost a 1bn compared to\u00a06 months ago 58% of SMEs are currently owed up to \u00a310,000, with 27% owed over \u00a320,000 50% of respondents said that aged debt has hindered them from investing in their business Research by\u00a0Liberis, a small business finance provider, has revealed that 72% of SMEs are spending up to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-08T22:19:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:38:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"918\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals\",\"datePublished\":\"2018-05-08T22:19:33+00:00\",\"dateModified\":\"2022-05-04T21:38:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\"},\"wordCount\":627,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\",\"url\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\",\"name\":\"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals - OpenBusinessCouncil Directory\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/#website\"},\"datePublished\":\"2018-05-08T22:19:33+00:00\",\"dateModified\":\"2022-05-04T21:38:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.footballthink.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.footballthink.com\/#website\",\"url\":\"https:\/\/www.footballthink.com\/\",\"name\":\"OpenBusinessCouncil Directory\",\"description\":\"Openbusinesscouncil\",\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.footballthink.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Organization\",\"Place\"],\"@id\":\"https:\/\/www.footballthink.com\/#organization\",\"name\":\"openbusinesscounsil\",\"url\":\"https:\/\/www.footballthink.com\/\",\"sameAs\":[],\"logo\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#local-main-organization-logo\"},\"image\":{\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#local-main-organization-logo\"},\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\",\"Saturday\",\"Sunday\"],\"opens\":\"09:00\",\"closes\":\"17:00\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\",\"name\":\"Hernaldo Turrillo\",\"description\":\"Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.\",\"url\":\"https:\/\/www.footballthink.com\/author\/hturrillo\/\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#local-main-organization-logo\",\"url\":\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png\",\"contentUrl\":\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png\",\"width\":1161,\"height\":250,\"caption\":\"openbusinesscounsil\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals - OpenBusinessCouncil Directory","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/","og_locale":"en_US","og_type":"article","og_title":"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals","og_description":"The\u00a0debt goes up\u00a0almost a 1bn compared to\u00a06 months ago 58% of SMEs are currently owed up to \u00a310,000, with 27% owed over \u00a320,000 50% of respondents said that aged debt has hindered them from investing in their business Research by\u00a0Liberis, a small business finance provider, has revealed that 72% of SMEs are spending up to [&hellip;]","og_url":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/","og_site_name":"OpenBusinessCouncil Directory","article_published_time":"2018-05-08T22:19:33+00:00","article_modified_time":"2022-05-04T21:38:01+00:00","og_image":[{"width":1380,"height":918,"url":"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/05\/uk-businesses.png","type":"image\/png"}],"author":"Hernaldo Turrillo","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Hernaldo Turrillo","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#article","isPartOf":{"@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/"},"author":{"name":"Hernaldo Turrillo","@id":"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23"},"headline":"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals","datePublished":"2018-05-08T22:19:33+00:00","dateModified":"2022-05-04T21:38:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/"},"wordCount":627,"commentCount":0,"publisher":{"@id":"https:\/\/www.footballthink.com\/#organization"},"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/","url":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/","name":"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals - OpenBusinessCouncil Directory","isPartOf":{"@id":"https:\/\/www.footballthink.com\/#website"},"datePublished":"2018-05-08T22:19:33+00:00","dateModified":"2022-05-04T21:38:01+00:00","breadcrumb":{"@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.footballthink.com\/"},{"@type":"ListItem","position":2,"name":"UK Businesses Chase Over \u00a314.9bn in Late Payments, a New Research Reveals"}]},{"@type":"WebSite","@id":"https:\/\/www.footballthink.com\/#website","url":"https:\/\/www.footballthink.com\/","name":"OpenBusinessCouncil Directory","description":"Openbusinesscouncil","publisher":{"@id":"https:\/\/www.footballthink.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.footballthink.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":["Organization","Place"],"@id":"https:\/\/www.footballthink.com\/#organization","name":"openbusinesscounsil","url":"https:\/\/www.footballthink.com\/","sameAs":[],"logo":{"@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#local-main-organization-logo"},"image":{"@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#local-main-organization-logo"},"openingHoursSpecification":[{"@type":"OpeningHoursSpecification","dayOfWeek":["Monday","Tuesday","Wednesday","Thursday","Friday","Saturday","Sunday"],"opens":"09:00","closes":"17:00"}]},{"@type":"Person","@id":"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23","name":"Hernaldo Turrillo","description":"Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.","url":"https:\/\/www.footballthink.com\/author\/hturrillo\/"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.footballthink.com\/uk-businesses-chase-over-14-9bn-in-late-payments-a-new-research-reveals\/#local-main-organization-logo","url":"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png","contentUrl":"https:\/\/www.footballthink.com\/wp-content\/uploads\/2017\/04\/logo_big.png","width":1161,"height":250,"caption":"openbusinesscounsil"}]}},"_links":{"self":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts\/4288"}],"collection":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/comments?post=4288"}],"version-history":[{"count":2,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts\/4288\/revisions"}],"predecessor-version":[{"id":9796,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/posts\/4288\/revisions\/9796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/media\/4290"}],"wp:attachment":[{"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/media?parent=4288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/categories?post=4288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.footballthink.com\/wp-json\/wp\/v2\/tags?post=4288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}