The number of business closures in the fourth quarter of 2020 was 37% higher than in the fourth quarter of 2019. That’s not really surprising given the unique situation we find ourselves in as a result of the pandemic.
It’s often been said that cashflow is the lifeblood of business. Without prompt payments the supply chain can grind to a halt; leaving firms at all levels without funds, stock, and ultimately customers. And yet, whilst the importance of timely payments is widely acknowledged, according to the FSB (Federation of Small Businesses) some fifty thousand businesses are forced to close every year simply due to late payment practices.