Does your SME suffer from cash flow issues?
With more than 25 years’ experience working with both corporate organisations and SMEs, we have an acute understanding of the challenges faced by our clients.
One such challenge is debt recovery.
Late payments and unpaid invoices are the biggest threat to the survival of small businesses. In fact, cash flow is listed as the number one reason for business failures.
The damaging effect of unpaid invoices and late payments on SMEs
SMEs are generally less likely to have an appropriate financial buffer to cover late payments or unpaid invoices, which can have multiple negative implications for the business:
It can prevent them from paying staff, their own wages, and any debts they may have.
It can impact their ability to pay suppliers, which can adversely affect their credit terms.
It can inhibit their ability to take on new work.
It can force them to rely on overdrafts to keep afloat, amassing greater debt.
The time and energy spent chasing non-payment, alongside the stress and worry this creates for small business owners, can carry huge repercussions. In addition, unpaid invoices and late payments can have a seriously detrimental effect on the growth and overall success of an SME.
We’ve found that, due to their size, many of our clients don’t have an in-house legal team to negotiate with the (often larger) organisations that have defaulted on their payments.
BJP Insure’s free 24/7 helpline for legal and tax matters
We want to see all SMEs succeed, and we’re pleased to be able to assist our clients beyond our brokerage service with our free, tax and legal helpline.
Our legally-qualified expert is available 24/7 to assist clients with any tax, legal, or HR issues they may be experiencing. We can also help to prepare letters and paperwork to rapidly recover unpaid invoices, without stress.
If you’re struggling with debt recovery, or any of the issues outlined below, please get in touch to find out how we can help.
- Contract disputes
- Business advice
- Debt recovery
- Disaster recovery & insolvency
- Planning & the environment
- Tax disputes
- Counselling assistance