How can small businesses take the pain out of late payments?

If you are dealing direct with Government departments as an SME you are likely to be paid on time.

If on the other hand you are a second or third tier suppler as most small businesses are – the song remains the same and you are at the mercy of the accounts departments of the PLCs.

They will use all their leverage to get the most favourable payment terms. For most SMEs who do not want to lose that business or upset a customer, this is a cost that has to be absorbed. In the UK, small businesses finance big businesses and so far nothing the government has done in terms of legislation has seriously impacted this disgraceful scenario....

To read the full article, vist The Guardian here.