If there is one thing that is going to hold back a business’ ability to grow its late payment.

Not being paid on time can be a barrier to growth and feedback I get from the Business Loan Services team is that this is a major bugbear amongst many of our clients.

But as the economy grows there are signs that payment settlement is showing signs of improvement.

A recent survey from Experian the credit reference agency showed that UK businesses paid their overdue bills on average one day faster between April 2014 and March 2015.

The national average of the number of days in which businesses pay beyond terms dropped by just under a whole day to 24.29 days

Perhaps not surprisingly, because they understand the pain late payment can cause, the smallest businesses were the quickest to tackle overdue invoices, as businesses with one or two employees settled bills 20.58 over agreed terms. This was an improvement of just over half a day.

Businesses with three to five employees showed the greatest improvement, paying bills 1.3 days faster at 21.34 days over agreed terms.

What about the UK’s largest business who typically have the finger pointed at them…. how have they performed?

Although those businesses, employing 501 people or more, took the longest to settle bills at 34.18 days over agreed terms in the year to March 2015, they did improved their payment performance by just under one day.

So well done to the big boys… but you still have work to do!

So if you do suffer from late payment what can you do?

Here are some tips from Experian:

Tip Number 1 – Check their status: Is the business you are dealing with real? Search them out on the web and see what you can find. Do they have a strong internet footprint?

Tip Number 2 Do a Credit Check: Carrying out a credit check will reveal their credit status, trading history and how they have paid in the past. All this will help you decide whether they are worthy of you giving them credit terms.

Tip Number 3 Remain Watchful: Nothing ever stays the same; the economy and individual businesses are constantly changing – a profitable business and a previously prompt payer can quickly turn into a business that is on its way down. The trick is to regularly run updated credit checks so you don’t get caught out.

Follow these tips and you will minimise the risk of being left with a long list of late payers.

In the latest Business Finance Bulletin episode Business Loan Services’ Rob Warlow looks at proposals from the government as part of a new Enterprise Bill to reduce red tape and tackle late payment.

The issue of late payment and how it damages businesses is the focus of a new survey from the insolvency industry trade body R3 which reveals the impact late payment has on potential insolvencies.

Rob also looks at the collaboration between Metro Bank and peer-to-peer lender Zopa which is the first of its kind. Could we see more of this?

Oaknorth is the latest new bank on the block which has just recently launched. Rob takes a look at how it is going to support UK small businesses.

In the Business Finance Tip of the Week Rob chats with angel investor and business speaker Steve Houghton-Burnett and he shares three tips on how to ensure success in a equity crowdfunding pitch.

If you wish to listen to the podcast version of this week’s Business Finance Bulletin click below or download to your phone below or via our itunes channel.

In the latest Business Finance Bulletin episode Business Loan Services’ Rob Warlow looks at the latest statistics on bank lending to small businesses which show that banks are starting to provide more support.

Evidence of an increase in bank appetite to lend to small businesses is starting to show as Rob discusses news from HSBC of renewed focus it is giving to supporting UK small businesses.

You may not expect one of the Dragons Den panel to turn to crowdfunding to raise finance but that is exactly what Kelly Hoppen has done. Rob looks at a pitch Kelly has launched on crowdfunding platform Crowdcube.

In the Business Finance Tip of the Week Rob looks at the short term finance market in a chat with Max Woodman from Catalyst Finance and how they are helping businesses fill short term cashflow gaps.

If you prefer to listen to this episode of the Business Finance Bulletin you can listen below or download to your PC or phone.

You can also listen via our itunes channel here.

If you are in the processing of looking for business finance and afraid that you may get the cold shoulder from your bank, don’t worry because there are actions you can take to improve your chances of success.

As part of Adele McLay’s Business Success Tips podcast she chats with Business Loan Services’ Rob Warlow in which shares some insider tips on getting a ‘yes’.

Rob reveals some do’s and don’ts and shares how to put together a Business Plan why your financial information is so important.

To listen in to this interview simply click below or click on the download button to load on your PC or phone.

In the latest Business Finance Bulletin episode Business Loan Services’ Rob Warlow looks at the news of collaboration between crowdlender Funding Knight and short-term alternative lender Just-Cashflow to assist growing businesses.

Looking at the crowdfunding industry as a whole, Rob looks at statistics from the Peer to Peer Finance Association on finance raised by its members during the first quarter of this year which reveal a continued growth surge.

Rob also looks at evidence of a steady improvement in the economy with news that the overall number of company insolvencies is on the way down according to official government statistics.

In the Business Finance Tip of the Week Rob chats with Santander’s Paul Brooks, Business Development Director, Wales about the bank’s Breakthrough Programme designed to help growing businesses with a variety of support schemes.

You can also listen to a podcast version of this Bulletin via either itunes or our SoundCloud page or simply listening in below.

Getting a business loan is about understanding what a bank will lend your business money for and what it won’t. How you are going to use the money is important and in this clip from a live seminar Business Loan Services’ Rob Warlow explains why banks won’t lend you ‘get me out of jail’ money.

If you would like to receive Rob’s weekly Business Finance Bulletin with news, tips, ideas and strategies on raising finance subscribe by going here.

The latest update from the Peer to Peer Finance Association shows that crowdfunding continues its stellar growth. Figures for the 1st Quarter of 2015 reveal that the industry lent out £459,000,000, compared to £346,000,000 in the 4th Quarter of 2014

That’s an increase of 33%… growth rates the banks can’t touch!

But let’s look closer at what else is happening.

Let’s start with the lenders… the people who are handing over their cash. At the end of Quarter 4 2014 there were 105,101 lenders. At the end of March 2015 there were 111,255

That’s an increase of 6%.

What about the borrowers?

At the end of Quarter 4 2014 there were 139,749 borrowers and at the end of March 2015 there were 159,083.
That’s an increase of 14%

It’s clear that more businesses and individuals are seeing the benefits of crowdfunding.

If you want to know how you can access finance for you business via crowdfunding you can find more information on our crowdfunding page.

According to a survey carried out by the Institute of Chartered Accountants in England Wales a large number of businesses are sitting on cash. Business Loan Services’ Rob Warlow explains…

When looking at getting business finance one aspect of your business you must be comfortable with is your financial performance. When discuss your finance request knowing your numbers and key aspects of your financial performance will set you apart from the majority of businesses.

Being able to read (and understand!) a Balance Sheet and a Profit and Loss is one aspect of running a successful business that eludes many business owners. A good grasp of your numbers will not only get you off to a flying start with the bank but it can also give you a better understanding of your business and areas of potential improvement.

In this clip from a live seminar BLS’s Rob Warlow talks about the importance of knowing your numbers when applying for a business loan or any form of business finance.

In the latest Business Finance Bulletin Rob Warlow looks at a report from the Centre for Entrepreneurs and the UK Business Angels Association on how the UK is becoming a nation of angels… but who are these angel investors and how can they benefit your business?

The statistics on how the crowdfunding industry did in 2014 are in with news from the Peer to Peer Finance Association on how the sector doubled the amount it lent in the previous 12 months. With the recent news of banks beginning to partner up with the new kids on the block crowdfunding is starting to come of age.

In the Business Finance Tip of the Week Rob looks at recent research from Barclays Bank on how business owners should embrace the merits of having a Business Plan. But does your Business Plan have to be the size of War and Peace?

If you would prefer to listen to the podcast version of this edition of the Business Finance Bulletin then click below or click the download button to upload to your phone or PC.