Comic by Katie Donahue, illustration by Kristi Siedow-Thompson.
There are so many small (and even large) businesses that suffer from not receiving payments on time (In fact, 73% of small businesses said they have been paid late in the past 12 months). However, sometimes ignoring the problem is the worst thing a small business owner can do. Many small businesses ‘assume’ payments will come in on time, and it’s often too late when they realize cash flow isn’t where they need it to be. And when it’s all said and done, it’s not just a cash flow problem, but a time consuming one also. The average business owner spends up to 6 hours per week chasing late payments.