Cash flow challenges are a persistent struggle for small business owners. Even when sales are steady, running out of cash reserves at critical points of the month can feel like a losing battle. But why does this happen, and how can you turn the tide?
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The recently announced Autumn Budget 2024 has highlighted key financial challenges for UK businesses, particularly with the increase in National Insurance (NI) contributions. For many businesses, higher NI costs mean a significant uptick in operational expenses, creating pressure on cash flow and forcing leaders to seek alternative funding sources.
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In the world of small businesses, taking out loans and securing funding often involves personal guarantees, where business owners pledge personal assets as collateral. While this can provide vital capital, it also presents serious risks if financial hardships strike, making personal guarantee debts challenging to manage.In the world of small businesses, taking out loans and securing funding often involves personal guarantees, where business owners pledge personal assets as collateral. While this can provide vital capital, it also presents serious risks if financial hardships strike, making personal guarantee debts challenging to manage.
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As featured in the Autumn 2024 edition of Your Business magazine, my journey into debt recovery is not just a career—it’s personal. My name is Ron Mookerjee, founder of Talk to Ron, and I once found myself burdened with £195,000 of personal debt following my divorce.
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As a small business owner, you’re likely familiar with the challenges that 60-day payment terms can cause. While extended terms might help customers, they often place a significant burden on small businesses. Waiting two months for payment can create cash flow problems, making it hard to cover essential expenses like payroll and inventory.
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Late payments have become a growing issue for Small and Medium-sized Enterprises (SMEs) in the UK, with outstanding payments significantly impacting cash flow and business growth. According to Aldermore's recent SME Growth Index, late payments have increased by 48%, totalling £348 billion. This article explores the scale of this problem, its impact on SMEs, and possible solutions.
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As a small business owner, managing finances can be one of the most challenging aspects of running your business. When debts go unpaid, it affects your bottom line and can create a domino effect of financial consequences. Understanding the connection between debt recovery and credit reporting is crucial to protecting your business and financial health. In this blog, we’ll break down the link between these two aspects and what it means for small business owners facing overdue debts.
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As a small business owner, facing delayed payments or defaults from clients can create significant challenges. With economic fluctuations and ongoing market uncertainties, timely payments are more crucial than ever. However, before rushing into legal action, there are several proactive steps that can help reconcile debts and maintain strong business relationships.
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Every entrepreneur, business owner, and service provider will face this scenario at some point—likely more than once. It's a recurring challenge until you learn how to navigate it effectively.
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Do you ever find yourself overwhelmed by the sheer volume of tasks awaiting your attention as a small business owner?
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