The UK’s shocking business debt statistics and what can be done about it
Out of all of our worries, money is number 1.
In fact, 18.5 Million people in the UK said money causes most day-to-day stress, according to MoneySupermarket. A reported 7 million Brits lose an average of 11 nights’ sleep a year due to worrying about money.
According to research done by StepChange Debt Charity; 61% of people state it affects their concentration and 32% struggle to get work done. 62% of Brits feel frustrated, 55% worried and 39% helpless because of their financial situation.
When you think ‘money troubles’, the first thing that comes to mind is owing a lot and not having enough. Although this is the case for many of us, what happens when you aren’t receiving money that’s owed to you?
Customers not paying invoices can put you in a very difficult financial situation. Many of us end up with debt troubles because we are waiting to receive payment from our own debtors!
As of July 2017, Britain owed a whopping £1.548 TRILLION of debt.
Individual small businesses have written off £20,400 for the second quarter of this year.
The small business guide says that, “typical UK micro-businesses write off an average of £1,804 in unpaid invoices per year. With five million micro-businesses in the UK, this equates to a total of over £9 billion written off in unpaid invoices last year.”
There is something you can do
We specialise in collecting business debts in a professional, efficient way. Not only do we work to recover aged debts for businesses which improves cash flow, but we aim to train current customers to pay on time too. We do this using effective credit management and credit control procedures, which reduces business risk, but encourages customers to pay on time.
If you need help recovering money owed to you, whilst also training current customers to pay on time find out more about our debt management and credit control services here.