A study by Hitachi Capital Invoice Finance says small- and medium-sized businesses are losing out on money because they’re saying “no” to jobs and contracts they consider unfair.
The research found that nearly half of U.K. SMEs have turned down a job because they could not deliver on the order or contract because it was unreasonable. A quarter said the contract wouldn’t pay enough, and nearly the same portion said they turned down the job because the client was known to be a bad payer. More than a fifth cited unfair payment terms as the reason they gave up the gig.
“SMEs are unfortunately having to decline contracts and orders due to unfair payment terms and unreasonable asks, not because they can’t deliver the work” said Hitachi Capital Invoice Finance Managing Director Andy Dodd in a statement. “Bad payers and unrealistic contractual terms can have a huge impact on any business, especially those that are relatively small or in start-up.
“This is often part of a wider problem,” Dodd continued. “Not all business owners have the time and resources to chase up invoices or can risk working with an unreliable supplier.”
A finance facility with Regency can provide solutions to the issues reported by our colleagues. Invoice Finance will allow SME's to be paid once the invoice has been issued and we will then chase the debt on their behalf, allowing more work to be taken on. #
A finance facility with Regency can provide solutions to the issues reported by our colleagues. Invoice Finance will allow SME's to be paid once the invoice has been issued and we will then chase the debt on their behalf, allowing more work to be taken on. #
If you’d like to find out more about alternative business finance facilities, we’d love to be able to help. Why not give Regency a ring today on 0161 280 4010, drop us an email at lynnew@regencyfactors.com or browse our website for more details on how our facilities work
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