The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has released an invitation to all small business operators to comment on Payment Times and Practices.
The Ombudsman said, “Extended payment times for suppliers effectively uses the businesses in the supply chain as a cheap form of finance. Too many small and family businesses are being crippled by slow payments and the national economy suffers as a result. When a business experiencing extended payment times is also hit with late payments, it stresses the business further, which can easily put them out of business. Poor cash flow is the primary reason for insolvency in Australia.”
The results of the survey will give the Federal Government an even better understanding of the challenges faced by small business in this space.
ASBFEO’s release can be viewed by clicking here.
You can access the survey by clicking here.