The government's much-anticipated Business Bank got a kickstart of its own in the 2013 Budget, with the news that at least some of its measures are due to be introduced ahead of schedule.
But while a £300 million investment programme for SMEs was officially launched on April 10th by business secretary Vince Cable, just how far does it go to give small businesses the boost they need to grease the wheels of the UK's jammed economy?
A married couple and their son have been banned as company directors after failing to pay more than £186,000 in tax. Heather & Lance Shepherd and their son James Shepherd, who ran a company called Shepherd Security Ltd in Preston have been disqualified from acting as directors for a total of 15 years following an investigation by the insolvency service.
The so-called 'Late Payment Directive', officially named Directive 2011/7/EU on Combating Late Payment in Commercial Transactions, is due to come into effect in less than a month's time, on March 16th 2013.
With just 24 days to go until that time, the Department for Business, Innovation and Skills has revealed the results of its recent consultation on the Directive, along with the finalised set of regulations that will be introduced in March.
Read more: 'Late Payment Directive' consultation results published
The Institute of Credit Management (ICM) and business minister Michael Fallon have warned that it is "crazy" to fail to credit check new and existing customers.
Each month, the ICM publishes a new top tip to help safeguard small businesses' cash flow, and at the end of January its latest advice, written in collaboration with Mr Fallon, was released.
Many businesses involved in the retail and supply sectors find the run up to the festive period can be the businest and potentially most profitable time of the year. But it can also be one of the most difficult times of year to keep a healthy cash flow as it's not only legitimate businesses that are gearing up for a bumper holiday period; fraudsters are also busily laying the foundations for a variety of Christmas cons that could leave many already struggling companies out in the cold come January.
![Credit Control for Freelancers & Contractors [Infographic]](/images/k2/b48f2c03bbd159814922841bfb3fe7d7.jpg)
We regularly speak to Freelancers and Contractors who are uncertain on how to handle the credit control process after an invoice has been issued. Credit Control (occasionally called "Dunning") is no black art and it is simply a mix of common sense and a considered approach to ensuring any monies are paid in full and on time.
Below you will find an easy to understand infographic outlining a suggested process for any contractor issuing invoices on 30 day terms. If your business terms are longer or shorter then just adjust the steps below to suit your client.
Read more: Credit Control for Freelancers & Contractors [Infographic]
You could be putting your business at risk by failing to carry out routine credit checks before extending a line of credit to customers.
Any time you conduct work on behalf of a client, or supply goods to them without demanding payment upfront, you are effectively creating a line of credit - and increasing the total degree of risk to which your own company is exposed.
Read more: Get a Free Experian SME Credit Report Courtesy of Safe Collections
Simple credit control measures could help one in ten businesses nationwide to stay operational in the face of delayed payments.
According to figures from Yorkshire Bank and its north-of-the-border equivalent, Clydesdale Bank, 10% of companies would not be able to survive if their clients took over 90 days to pay their invoices.
Read more: Simple Credit Control Could Save Struggling UK Businesses
