Late payments getting even later for small businesses

Seen online this morning, this article struck a chord:

Payment terms stretch to 53.2 days as cashflow worries continue

The recovery might be well and truly underway, but new figures from credit agency Dun & Bradstreet have highlighted the need for companies to continue to closely watch cashflow.

D&B's latest analysis of payment terms shows it now takes an average of 53.2 days for a business to get its invoices paid, up from 52.1 days this time last year.

As usual, it's smaller companies getting hit hardest.

Here at Chilli Chocolate Marketing we've certainly felt this. We've started putting in place some tools and processes to streamline things like invoicing and overdue-payment reminders, and we'll be documenting some of the tools we've used in a bit more detail shortly.

(Image credit: kyra :), Creative Commons.)