| On average, each small business is owed £2,000 in late payments, according to a survey by Barclays Local Business, indicating that £8.3 billion is owed to small companies in the UK.
The research indicated that small businesses spend an average of one hour each day chasing late payments, which adds up to 4 million hours of lost productivity across Britain.
Nearly 40% of respondents to the survey said that they were using their own money to keep their company afloat whilst they waited for debts to be paid, and a third stated that this delay in payment is threatening their business.
"A regular and reliable cashflow is essential to the smooth, day to day running of a business – particularly a smaller one," stated John Davis, marketing director for Barclays Local Business.
"Chasing late payments is an extra burden which small business owners can well do without."
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