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Late-payers to be banned from government contracts following Carillion collapse PDF Print E-mail
Tuesday, 10 April 2018
“The government’s announcement is a positive step in addressing what is a tough and long-standing issue for the UK’s small businesses. SMEs in this country are owed an average of £63,881 in late payments at any one time. This can lead to cash flow problems, stifle growth, and in extreme cases lead to business failure. Critically, 15% of SME owners have used their own personal savings to cover the shortfall. 

“Government measures are an important part of the solution, but SMEs can also take steps to protect themselves and mitigate the impact of late payments on their business. At present, one third of small businesses don’t credit check any customers. Small businesses can use credit information to independently assess the financial and payment risk of customers prior to agreeing credit terms, to help identify the worst performers.”

Ed Thorne, UK Managing Director, Dun & Bradstreet

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