Businesses face a 70% increase in late client payments, prompting owners to assess causes and take action.

Businesses are grappling with a 70% rise in late payments from clients, according to CreditorWatch. To address this, owners must first assess if clients can't pay or are unwilling, then take appropriate actions like negotiating payment plans or reporting to credit agencies. Clear communication and including terms for non-payment in agreements is advised, along with using technology to streamline collections. Business owners should feel confident in pursuing owed payments to protect their financial health.

November 16, 2024
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