Posts Tagged ‘tackling late payment’

Open Banking Benefits, Late Payment Naming and Shaming and Brexit Planning Advice – BFB 240

Posted on: January 12th, 2019 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

To kickstart our first Bulletin of 2019, a look at new research into the benefits of Open Banking. Following its launch 12 months ago, a survey reveals the level of awareness of what Open Banking has to offer and the benefits business owners say it brings.

The Small Business Commissioner, in conjunction with Lloyds Bank, has taken a look at the impact reporting requirements for large businesses has had on their payment practices. Perhaps not surprisingly, there is clearly still work to do in order to minimise instances of late payment.

With the Brexit date looming, we look at the latest government initiative to help businesses plan ahead for the proposed changes. The launch of an Exit EU website is designed to assist business owners identify how they will be affected and actions they can take.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Northern Ireland Growth Finance Fund, Tackling Late Payment and Bank Complaints Process – BFB 238

Posted on: December 8th, 2018 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

We start our latest Bulletin with good news for businesses located in Northern Ireland with the announcement of the launch of the Northern Ireland Growth Finance Fund. With three major contributors including the British Business Bank, the fund will support businesses in the region with growth ambitions.

It’s 12 months since the Small Business Commissioner role was established. With the key focus being on containing late payment and acting as an arbiter between small and larger businesses, what progress has been made in its first year?

Complaints from small businesses about banks are common place, but for many businesses, they have no formal complaint process outside of the bank’s own internal department. We look at news that a voluntary process has been agreed between key UK banks which will help larger SMEs to resolve complaints.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Businesses Cautious on Borrowing, Curbing Late Payment and Regional Angel Investors – BFB 229

Posted on: October 6th, 2018 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

A recurring theme in recent Bulletins has been emerging evidence of reluctance among small business to borrow and this trend is a highlight of the latest SME Finance Monitor Report. The report also reveals the top three issues which are of most concern to small businesses. Is access to finance still an issue?

Late payment has been another constant problem we have regularly featured in our Bulletins. In an effort to curb late payment the Government has called for thoughts from businesses on how it can tackle this problem. Do you have an idea to contribute?

To close this Bulletin, a look at a new £100m fund launched by the British Business Bank. With a large portion of angel investment focused on the South East, the Regional Angels Programme aims to improve access to early stage equity finance across the whole of the UK.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Government Late Payment Consultation, MarketInvoice on Nat West Panel and Asset Finance Growth – BFB Epsd 210

Posted on: April 14th, 2018 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

Following the announcement in the Chancellor’s Spring Statement that the government is looking at ways of tackling late payment, it has announced the launch of a consultation paper. The government is looking for input on its plans to address late payment amongst businesses awarded government contracts. Do you have any thoughts?

Where it can’t assist, to continue signposting businesses to alternative lenders, Nat West has announced MarketInvoice as the ninth addition to its Capital Connections panel. Being an online invoice discounter, MarketInvoice adds a new service to Nat West’s expanding panel.

Figures from UK Finance, the finance industry’s trade body, reveal that 2017 was a record year for businesses accessing Asset-Based lending. Looking closer at the figures, smaller businesses though really took advantage of this growing source of alternative finance. But is that the case in the first quarter of 2018?

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Corporate Insolvencies in 2017, Duty to Report Payment Practices and Business Plans – BFB Epsd 200

Posted on: February 3rd, 2018 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

Here we are with the 200th episode of the Business Finance Bulletin – another milestone achieved in bringing you the latest small business finance news and tips.

We start this episode by taking a look at the 2017 corporate insolvency figures released by the Insolvency Service. Whilst the whole year makes sombre reading in terms of an increase in the number of businesses entering insolvency proceedings, the last quarter of the year though does make better reading.

One tool the government has in its toolbox to help tackle late payment is the Duty to Report requirement imposed on larger business in April 2017. We take a look at the payment practices of these firms as revealed in the first six monthly report.

When it comes to business planning, many business owners shy away from preparing a Business Plan because they are unsure what to include. To close this Bulletin, we share a quick content guide focused on four key areas.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

CountingUp Launch, Ratesetter Business Loans and Focus on Late Payment – BFB Epsd 199

Posted on: January 27th, 2018 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

For many small businesses, banking and bookkeeping are their least favoured tasks. To open this Bulletin, we look at a new mobile-only bank, CountingUp, which has opened its virtual doors with a small business banking solution combining banking and bookkeeping in one app.

The availability of unsecured business loans from alternative finance providers has been a major boost for growing businesses. One such provider was Ratesetter, until their surprise announcement that they are pulling out of the unsecured business loan market.

Finally, to close this Bulletin, we look at the continued fallout from the Carillion collapse. Focus is now turning to the impact late payment is having on small businesses. In the Carillion case, questions are being asked as to what is the point of voluntary programmes, such as the Prompt Payment Code, when larger companies can easily ignore it? Is it finally time to get tough on late payment?

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Government Launches Small Business Commissioner to Help Resolve Payment Disputes

Posted on: December 20th, 2017 by blsuser1 No Comments Tags: , , , , , ,
Posted in Business Finance News

If you are one of the estimated 20% of small businesses which have run in to cash flow problems due to late payments, then help may finally be at hand.

The government has finally launched the complaint handling service of the Small Business Commissioner to ensure fair payment practices for small businesses. This follows the appointment of Paul Uppal to the role of Small Business Commissioner in October 2017.

The Commissioner’s website has also gone live, providing guidance on payment issues including how to take action if a payment is overdue.

Margot James, Small Business Minister, says that £14 billion is owed to UK small businesses and estimates that taking action on late payment could potentially deliver a £2.5 billion annual boost to the economy.

The Small Business Commissioner’s website provides guidance on how to ‘check, chase, and choose’ in respect of dealing with unfair and late payments, that is:

– check if the right information has been provided to the right people in order for an invoice to be paid
– chase effectively when a payment is overdue
– choose how to take further action, including the option of submitting a complaint to the Small Business Commissioner

You can visit the Small Business Commissioner website here.

Opportunities from Brexit, Trade Credit Insurance & Asset Finance Usage – BFB Epsd 186

Posted on: October 14th, 2017 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

Despite confidence levels amongst many small businesses being muted, we open our latest Bulletin with a look at news from Hitachi Capital Business Finance that SMEs are seeing opportunities coming out of Brexit. Also, the latest Lloyds Bank research reveals that confidence is up in terms of production output across the regions. So not all bad news.

Dealing with late payment is bad enough but when late payment turns into no payment then that can be a bitter pill to swallow. That’s where trade credit insurance comes in and we have news of a new streamlined policy from Atradius designed for small businesses.

To close we take a look at the latest statistics from the Finance and Leasing Association which reveal that the industry continues to see strong growth in leasing and HP when it comes to purchases of plant and machinery and business equipment.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Small Business Commissioner, Starling Bank Mobile Business Account & Working Capital Management – BFB Epsd 185

Posted on: October 7th, 2017 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

After a long wait, the government has announced the appointment of the Small Business Commissioner. How will the new Commissioner, Paul Uppal, help small businesses, particularly when it comes to late payment?

Starling Bank, the mobile-only bank account provider, has announced the forthcoming launch of its mobile account service for businesses. They are looking for small business owners who are prepared to take part in the initial trial and help shape its look. Could that be you?

Carrying too much working capital can strangle growth. A new survey from Lloyds Bank has calculated how much cash businesses have tied up in surplus working capital. The amount, if released, could free businesses to fund their own growth plans.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

Late Payment, Small Business Borrowing and Watching Your Credit File – BFB Epsd 181

Posted on: September 8th, 2017 by blsuser1 No Comments Tags: , , , , , , , , , , , , , , , , , , , ,
Posted in Business Finance Bulletin

Late payment is a continual challenge for small businesses and a recent survey carried out by Zurich lays the blame at the door of the larger businesses. We share the findings of this latest research and what you can do to combat suffering from late payers.

With many people being uncertain about the current performance of the UK economy, one measure of confidence is the amount businesses are borrowing from the banks. I lift the lid on the latest Bank of England bank borrowing figures to see what businesses are up to.

To close this Bulletin, we share some recent experiences which highlight why you need to keep a close eye on your credit file. Lenders place a lot of emphasis on a clean report so it pays to keep your file in order.

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Stitcher or itunes channel.

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