Most small and medium-sized enterprises (SMEs) fear taking action over late payments, according to a new white paper published by Paul Uppal MP, the Small Business Commissioner.<\/p>\n
The white paper, \u201cTaking Notice of UK Business\u201d surveyed 500 SMEs in the UK specifically on the topic of late payments and payment terms.<\/p>\n
The study found that SMEs are afraid to take legal despite even though unpaid invoices are a \u201csignificant\u201d issue for their business.<\/p>\n
Three-quarters of respondents stated that they would rather not chase late payments due to fearing damage to their relationships with clients.<\/p>\n
In addition, 76 per cent of SMEs said that they were concerned that their invoices would not be paid at all if they took action on them.<\/p>\n
More than one-third of SMEs said that they had experienced unfair payment practices, with 47 per cent saying they had experienced late or unfair payment practices from large companies.<\/p>\n
The majority of the businesses that were surveyed had payment terms of up to 30 days, with 14 per cent stating they had agreed 61-day payment terms with suppliers.<\/p>\n
Paul Uppal MP, Small Business Commissioner, said: \u201cThe key findings in this survey highlight that small businesses tolerate late and non-payment due to a fear of reprisal.<\/p>\n
\u201cThe Government is building an environment in which small and medium-sized businesses can continue to prosper.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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