Christmas and the New Year are exciting and busy times, especially at the shops. What about the businesses though, that can’t rely on retail sales for a cash injection? Now that we transitioned away from the silly season and life resumes as normal, not all businesses are riding that post-holiday high. Many business owners are being forced to dive into their personal accounts to cover their current cash flow shortfalls. Results from a ‘My Business’ poll asked its respondents “how quickly are your invoices typically paid by your customers/clients?”. After receiving 153 responses, 58.9% said they were paid within 30 days.
16.3% said they are paid at point of sale. 9.2% said they are paid within 7 days. 13.1% said they are paid within 14 days. 20.3% said that most payments are received within the 30-day mark.