R E G I O N A L R E V I E W
R E G I O N A L R E V I E W
The 2024 State of Small Business Report also states that while 87 % of small businesses are optimistic about their future , the reality of late payments continues to dampen this optimism . According to the report , 46 % of respondents spend an average of one to two months chasing late payments , which hampers their ability to invest in new opportunities and technologies .
Impact on growth and innovation
The impact of late payments extends beyond immediate financial strain . Small businesses are forced to delay critical investments in technology , skills development and employee wellbeing . The report indicates that 56 % of small businesses plan to invest in new technology and 55 % aim to upskill their staff . However , these plans are often put on hold due to cash flow constraints caused by late payments .
“ Small businesses are the backbone of our economy , and their success is crucial for overall economic growth ,” said Timmis . “ By ensuring timely www . intelligentfin . tech
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