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Late payments are still the biggest concern for small businesses, with falling sales coming close behind according to a study by the Forum for Private Business (FPB).

23% of companies found that poor cash flow due to late payments was the most significant issue, with 42% of respondents reporting that late payments had become a bigger problem, especially when dealing with larger companies.

20% of firms stated that falling sales was their biggest concern, and 11% finding issue with red tape and health and safety legislation.

Many SMEs are bullied out of charging for overdue invoices as they fear losing clients and customers. They also had problems recovering their debts, according to the FPB’s Late Payment Advisor, Stuart Blake.

"The current process for recovering such debts is both expensive and cumbersome, being based on systems designed for the resolution of disputes and legal complexities rather than the simple administrative task of recovering uncontested debts.

"We need a change to the culture of poor payment so that there is mutual agreement that paying promptly should be best practice, which is what the Government and the FPB are trying to achieve."