The Small Business Sessions (S4E10): How to deal with late payment
Posted: Wed 27th Nov 2019
It's time for another episode of the Small Business Sessions, Enterprise Nation's podcast powered by Xero.
For the fourth series, a brilliant line-up of entrepreneurs and experts share insights and inspiration on how to start and grow a brilliant business.
Hosted by freelance journalist Dan Martin, we're covering issues including business growth, retail, late payment, mental health and alternative finance over 12 episodes.
Episode 10: How to deal with late payment
Late payment is a massive issue for small businesses.
Recent research showed UK SME late payment debt has risen to £23.4bn, up £10.4bn on the £13bn owed in 2018. It is estimated that the average business is owed £23,360 in late payments and there are an estimated 50,000 insolvencies as a result of the problem every year.
In this podcast, we're joined by former Small Business Commissioner Paul Uppal (he left the role after we recorded the podcast) and Rob Drake, co-founder of Brave Spark. They discuss issues including:
How to chase overdue payments
How the Small Business Commissioner's office can help
Examples of large businesses that aren't paying on time
Whether big businesses should be fined for not paying late
The impact of late payment on business owners' mental health
Listen to the podcast on Spotify, Apple Podcasts, Stitcher and other podcast platforms. Don't forget to rate, review and subscribe.