Here at Commercial Domestic Investigations we like to stay on top of all the latest business and debt collection news. In this blogpost we’re looking back to an earlier part of the year and looking at what business confidence revealed to us in Q2.
Research by Bibby Financial Services shows that the five most confident regions in Q2 2015 were the East of England, East Midlands, the South East, West Midlands and the South West – who all felt most confident of increasing sales in what remains of 2015.
1 in 4 SMEs suffering from bad debt
The research also reveals that 1 in 4 SMEs who took park in the survey are suffering from bad debt. The knock on effects of bad debt on businesses are well known, and can include the following: Lower profits, investment on hold, laying off staff.
Bad debt can really hurt a business, and a time when cash flow is king we’d recommend that business owners in this situation seek the advice and help of debt collection specialists like Commercial Domestic Investigations. Handing a debt over to a specialist debt collection agency can often have instant results.
Top Challenges for SMEs
The research found that SMEs faced some real challenges in 2015, business owners listed their biggest challenges in the following order:
- Increased competition
- Red tape/Regulations
- Lack of skilled staff
- Lower domestic demand
- Higher costs
- Access to finance
- Lack of demand in foreign markets
Construction firms hit by late or slow payments
The sector that struggled most with late of slow payments was the construction sector. But, manufacturing, wholesale, transport and service companies also struggled with cash flow issues due to slow payment or non-payment by clients.
If your business is in any of these sectors and you’re struggling due to cash flow issues we‘d recommend that you contact Commercial Domestic Investigations for an impartial and friendly chat about your needs.