The Business Bank: a 'helping hand' for SMEs?

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?

'Late Payment Directive' consultation results published

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.

Xmas Cons - Avoiding Fraudulent B2B Trading

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]

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.

Get a Free Experian SME Credit Report Courtesy of Safe Collections

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.

© Safe Collections is a trading name of Safe Collections Limited. Incorporated 1984. Company Number: 01815264. VAT Number: GB407358159. All Rights Reserved.