The findings from our latest Business Barometer, a survey of over 900 SMEs across the UK and Ireland, reveals that the majority of companies in the food and drink industry cited cash flow as the main issue they are facing (16.7%).
Having a healthy and predictable cash flow is important to fund not only the day-to-day running of a business, such as producing stock while waiting for payment, but also to drive change and expansion of firms.
Late payments are a contributing factor to restricted cash flow, a well-known issue affecting businesses across the UK and Ireland. 45% of food and drink companies who have a problem with customers paying slowly say it makes cash flow difficult to manage. The Business Barometer has also brought to light that firms can be owed up to a substantial £40,000 in late payments.
To tackle late payments, we have put together six solutions to ensure you receive your payment on time.