The harsh reality is that, in the UK, four in ten businesses don’t make it to five years!
The main reason for this…. cash flow. Two small words that can have a massive impact on your business. In fact, according to the Office of National Statistics, cash flow is responsible for up to 90% of business failures.
Accounting software provider Xero says; “of the 50,000 businesses that fail each year due to cash flow issues some 65 per cent of these blame access to funding. Quite often the working capital they need is tied up beyond their reach with late paying customers.”
So, what sort of mistakes can lead to late payments and eventually to cash flow problems?
Read more here.