The following is an extract from several articles posted by BT Business and Growing Business websites

New figures from Business Link have revealed that 45% of small and medium sized enterprises (SME’s) sampled have few if any systems in place to chase unpaid and overdue invoices

The poll of London SMEs also found that nearly a third are weak when it comes to management of their cashflow, while almost half have no idea of where their gross profit margin or breakeven point is.

These results have been released to coincide with the launch of Business Link’s new 10 point financial health checklist, which it hopes will help business owners keep their finances more in control. A copy of Business Links checklist can be downloaded here.

“Sound financial management should be the bread and butter of every business, especially during these tough economic times,” according to Matthew Perkins, a senior Business Link advisor, reporting to the British Chambers of Commerce

Smaller businesses (those with less than 10 staff) fared worse in the poll. Only 50% had a structured process in place to chase unpaid invoices compared to 72% of larger SMEs.

Perkins added: “As we head into the recovery period, understanding where your money is, following up your unpaid debts and knowing what your profit is, are vital to keep your business in the black and head for growth.”

We see many companies where this has become an issue and can introduce our Associates who have the skills to help point your business in the right direction, why not visit our website and we can see whether we can help.