Small businesses in the UK
Small businesses in the UK are facing an uphill struggle due to consumers who don’t pay for services they have utilized. According to the latest official statistics from October 2021, there are little over 5.5 million small enterprises recorded in the UK. Its number has declined by 6.5% compared to the previous year, a decrease of 389,600 enterprises.
The Fiverr study revealed that 92% of UK startups and small businesses are afraid about the future of their firm and nearly one in five have had to close down due to clients not paying for services they have utilized. This is having a big impact on small businesses as it can be difficult for them to reclaim lost money when customers don’t pay their bills on time or at all.
Small businesses rely largely on cash flow and when consumers don’t pay their bills, it can pose serious financial challenges for small enterprises. It can also lead to a lack of trust between customers and small businesses, making it increasingly tougher for them to do business with each other in the future.
It is crucial that consumers realize the necessity of paying their bills on time and in full so that small companies can continue to operate successfully and provide valuable services to their communities. Small businesses need our assistance now more than ever and we must do our part by ensuring that we pay our bills quickly and in full so that these enterprises can stay afloat during this difficult time.
Sources:
https://www.nerdwallet.com/uk/business/small-business-statistics/
