SME’s Wait…And Wait…And Wait
Small and medium business owners are waiting – on average – 56 days to receive payment for goods and services.
In some instances, it is longer with payment terms stretching to 90 days and even an astonishing 180 days.
Researchers polled 1,200 business owners or finance managers on behalf of Scottish Pacific.
The smaller the business, the longer the wait to be paid
The research shows that across the board SME’s have almost a third of their revenue tied up in outstanding invoices.
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell has called for all suppliers to be paid within 30 days of invoice, but that appears to have fallen on deaf ears.