The Cost of Late Payments for Small Business

As a small business, cash flow can be life or death for your business. But what are the real costs of late payments? How do they really hurt your business? A recent UK study revealed some shocking numbers on the heavy cost of late payments.

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55 Billion pounds – Total amount of outstanding invoices in the UK.

That’s Equal to 75% of UK business investments in assets for the third quarter of 2013.

Total cash on Berkshire Hathaway’s balance sheet. 3.4% UK GDP.

The Danger to Small Business – Average business is owed £38k.

25% of businesses fail when owed £50k.

About 1 in 3 businesses have experienced late payments of 90 days or more.