Paul Williams, Managing Director in the Restructuring Advisory practice at Duff & Phelps, was featured in an article in Accountancy Age titled, “The Impact of Late Payments on SMEs.” The article discusses the challenges facing UK small- and medium-sized enterprises (SMEs) due to the late payment culture, which is leading to low productivity and financial instability.
Paul commented, “Late payments are a financial challenge for many SMEs. Delays in payments can lead to cash flow problems for small businesses, and consequently difficulties in paying their own creditors on time…Small businesses preoccupied with cash flow problems are also less likely to invest in company resources or staff, further limiting their opportunities to grow.”
“SMEs underpin the economy, so prioritizing timely payments will help allow business owners to focus their time and energy on providing good quality products and services, and adding value to the customer experience, rather than chasing outstanding payments,” concluded Paul.
Read the full article here.