S4 E10: How to deal with late payment

The Small Business Sessions, Enterprise Nation's podcast powered by Xero, is back for another episode. Series four, hosted by Enterprise Nation head of content Dan Martin, features a brilliant line-up of entrepreneurs and experts sharing insights and inspiration on how to start and grow a brilliant business. Late payment is a massive issue for small businesses. Recent research showed UK SME late payment debt has risen to £23.4bn, up £10.4bn on the £13bn owed in 2018. It is estimated that the average business is owed £23,360 in late payments and there are an estimated 50,000 insolvencies as a result of the problem every year. In this podcast, we're joined by former Small Business Commissioner Paul Uppal (he left the role after we recorded the podcast) and Rob Drake, co-founder of Brave Spark. They discuss issues including how to chase payments, how the Small Business Commissioner's office can help, examples of large businesses that aren't paying on time, whether big businesses should be fined for not paying late and the impact of late payment on business owners' mental health To find out more, go to www.enterprisenation.com/podcast