Is your business experiencing cash flow problems? You're not alone! The Bibby Barometer Small Business Survey runs a study twice yearly, surveying primary decision makers across Australia in more than 200 non retail, small and medium sized enterprises (SME). Here are some of their results around cash flow.
Last August a staggering 83% of SME's surveyed had experienced cash flow issues in the past year. This was commonly due to customers making excuses for slow payments (41%).
According to the survey this resulted in 23% of SME's writing off bad debt, 32% agreed to payments over time, and 21% of SME's had difficulty meeting their tax commitments on time.
So, far reaching effects were experienced by these SME's. The survey then asked them what they did about it.
Some SME's (39%) devoted more time following up overdue accounts, and a further 21% delayed paying their own creditors. Only 15% sought the assistance of a debt collector or lawyer.
At CollectIT we pride ourselves on the fantastic results we achieve for our clients, as well as offering recommendations to improving their systems around getting paid on time.
So if that cheque you were promised is not in the mail and the internet was down last night, don't accept any more excuses. Act now by contacting CollectIT on firstname.lastname@example.org or 07 834 9111.