7 - 2024 - CH4B

Top Tips For Tackling Late Payments

Late payments can have huge implications on the cash flow of SMEs. In today’s blog, we explore practical steps that businesses can take to avoid falling into a late payment trap.

Top Tips to Strengthen Your Year-End Strategy

As the summer season approaches, businesses have a unique opportunity in this quieter period to boost their sales and drive growth. Summer can be a great time to assess your direction and enhance your existing plans to really maximise opportunity leading up to the end of the year. Here are some effective tips to help you […]

2024 Election Manifestos: What does it mean for your SME?

With just 2 days to go, who will you cast your vote for, and what will it mean for your business? The economic policies proposed by the major political parties will have significant implications for businesses across the UK. This blog examines how the pledges of Reform UK, the Labour Party, the Conservative Party, the […]

Sign Up For Our Email Newsletter

Keep up to date with all the latest promotions and news with our new CH4B email newsletter

Why CH4B?

From our first contact, it is our mission to deliver the best service possible, so our clients will tell others about us.

Would you like to know more about us and discover how we can achieve outstanding results for you and your business?

Central Hub For Business

Tel: 0300 020 4747
Email: hello@ch4b.co.uk

CH4B, Central Hub For Business and Central Hub 4 Business are trading styles of CH4B Limited. We are registered in England, No.12599313

Designed & Powered by Use Brandable

2024 Election Manifestos: What does it mean for your SME?

Late payments can have huge implications on the cash flow of SMEs. Volatile cash flow results in less working capital, which can impact on almost every area of operation for a business.

Content Directory:

Did you know…?

Two million small businesses in the UK have fallen victim to late payments, and according to research by Natwest Plc;

· 27% of UK SMEs are owed between £5,000 and £20,000 in unpaid invoices

· Over half (55%) of SMEs say that late payments have increased over the course of 2023

· 31% of businesses admit to spending between 21-30 hours per month chasing customers

In today’s blog, we explore practical steps that businesses can take to avoid falling into a late payment trap:

1. Don’t assume payment terms.

Your payment terms might be 30 days, but many big businesses work on 90 day terms. Understand when you’ll get paid, and forecast accordingly. Negotiate terms if you need to, but it’s crucial to establish clear terms upfront.

2. Credit check your customers.

Avoid credit risks and potential late or missed payments by credit checking your customers. CH4B’s Expert Partner, Satago, provide a 3-in-1 solution that allows you to credit check customers in real time, automate payment chasing and access flexible finance, should you need to.

Satago are CH4B's Expert Partner for credit checks, payment chasing and finance.

3. Switch from credit to upfront payments.

If you consistently suffer from late payments, it could be time to consider upfront payment terms for some customers, to protect your cash flow.

4. Invoice promptly.

Are your payment requests efficient? Do you have a system in place for sending invoices in a timely manner? Lay the foundations of a good system whereby the invoice is sent at the earliest opportunity, and polite reminders are sent immediately after a missed deadline. Develop a clear policy for late payments, and a process for handling such incidents.

5. Recover money owed to your business.

Athena Collections are CH4B's Expert Partner for debt recovery for small businesses.

If you have sent late payment reminders and been ignored, you should inform the debtor that you will be escalating the matter. CH4B’s Expert Partner, Athena Collections, are an award-winning business debt collection agency who can help you legally recover outstanding invoices. They deliver an efficient and frustration-free service, restoring your cash flow and saving you time and resources in the process.

6. Regularly forecast, and act if you need help.

It’s vital that you have an up-to-date view of your company’s finances. Regular forecasting helps avoid nasty cash flow surprises, and if you can see trouble ahead, it allows you to act in good time. CH4B’s Expert Partner, Counting King, offer invoice financing that will allow you to receive cash advances on outstanding invoices.

Counting King are CH4B's Expert Partner for invoice financing for SMEs.

More about CH4B Expert Partners

As CH4B Expert Partners, Satago, Athena Collections and Counting King are part of a prestigious directory of audited and trusted experts available to CH4B Members. By joining CH4B, business owners gain access to this exclusive network, ensuring they can mitigate supply risks and receive top-tier support throughout their growth journey.

Together, CH4B Expert Partner’s expertise in credit control, risk insights, invoice financing and debt collection can help you to streamline cash flow management and reduce late payments, empowering businesses to focus on achieving their goals with confidence.

If you’d like to find out more about our Expert Partners, or becoming a member, book a call: ch4b.co.uk/book-a-call

Month: July 2024

Top Tips For Tackling Late Payments

Top Tips to Strengthen Your Year-End Strategy

2024 Election Manifestos: What does it mean for your SME?

Sign Up For Our Email Newsletter

Why CH4B?

Central Hub For Business

Grab Your FREE Digital Marketing Guide Here

Some of the information you may learn...

2024 Election Manifestos: What does it mean for your SME?

Content Directory:

Did you know…?

In today’s blog, we explore practical steps that businesses can take to avoid falling into a late payment trap:

More about CH4B Expert Partners