According to the United States’ Small Business Administration, about 20% of businesses fail in the first year, 50% fail within five years, and only 33% survive by the 10th year.
These statistics reveal that keeping a business going is not easy. But if you are a current or aspiring entrepreneur, this shouldn’t kill your entrepreneurial spirit. Instead, you need to understand the major reasons why small businesses fail, and learn from these mistakes. In this episode, RIABU’s Simon Littlewood and Mark Laudi elaborate on some factors that can cause cash flow problems — a major reason for business failure. Read more about this topic here.
Why understanding your customer’s internal payment process is vital
Negotiate your contract price at acceptable profit margins
Customer intimacy is about nurturing relationships at all levels
How UK SMEs can deal with rapidly rising input costs
Borrowing money can’t solve SMEs’ cashflow problems anymore, but operational efficiencies can
If you want customers to follow payment terms, internal stakeholders need to sing from the same hymn sheet
How clear communication can get you paid on time
Payment of invoices on time benefits all stakeholders
The important link between environmental sustainability and cash flow
Outlook for SMEs in China, UK, and eastern Europe
More UK companies are going bankrupt
How to reset your customer relationships for 2022
Singapore vs Hong Kong: Which city‘s SMEs are better at getting paid on time?
Lessons for suppliers from the Evergrande saga
The true cost of late payments
Tech is not a silver bullet for invoicing problems
Using technology to better your customer relationships
How to stop draggy payments
We speak to someone who actually gets paid on time!
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