Small businesses and freelancers really rely on you paying on time. It can make the difference between having enough for the rent or not sometimes.
I'm lucky not to be in that situation now, but I remember when I was much closer to the breadline and it's no joke. It also has a knock on effect.
If you pay late, then they may be paying their creditors late etc. This is bad news for everyone, as at some point you might be that creditor.
Research in January this year from digital banking platform Tide revealed that UK SMEs are chasing an estimated £50bn in late payments with the average small business chasing five outstanding invoices at the same time, this wastes up to an hour and a half each day.
That's such a time sink isn't it?
On top of spending ninety minutes a day following up late invoices, it is believed the average small business is owed £8,500. That's quite a significant amount, especially when you're a small business. I
pride myself on paying for work as soon as I can. Be that to a business I have providing a service to me or a freelancer doing work for me. It's so important! I know how much I value clients that pay on time.
Are you someone who waits for the first reminder before you open your wallet?