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The new year brings new opportunities for improvement. While some people are considering resolutions regarding their weight or drinking habits, others are taking this chance to face some of their biggest fears.
Whether it's heights, spiders or flying, dealing with your phobias can help you make 2015 a year of positive change and growth. However, before you book a clown to deal with your crippling coulrophobia?, take a moment to consider your business.
Are there any fears holding you back from expansion in 2015? According to the latest instalment of the Atradius Payment Practices Barometer for Asia Pacific, worries about revenue could be the primary barrier.
Are you frightened of finance?
The Atradius study found that bringing in adequate cashflow is one of the major concerns for businesses in Asia Pacific. This is unsurprising as respondents from this region reported an average of 36.2 per cent of the total value of their business-to-business receivables were not paid on time.
These sentiments were echoed by Dun and Bradstreet (D&B), whose latest figures showed 26 per cent of organisations in Australia believe cash flow is the factor most likely to impact on business operations.
And it's not just their own cashflow that is causing concerns. When customers and suppliers are unable to pay their bills, this can impact a company's own ability to take care of expenses. In fact, the D&B report found that insolvency is a growing concern in Australia, with 35 per cent of businesses dealing with trade suppliers or customers who became insolvent or were otherwise unable to fulfil their financial obligations.
The most common reason for payment delays is insufficient funding, affecting close to half of the Atradius respondents (47.3 per cent).
This is troubling, because businesses in Asia Pacific are typically unable to recover 50 per cent of the total value of receivables that are not paid within three months of the due date. The issue is particular concerning in Australia, with 5.6 per cent of businesses dealing with outstanding invoices that are more than 90 days overdue.
Facing your fears
While the figures above may be frightening for some, there is no need to cower in fear. In fact, 2015 should be the year when you get brave and finally tackle your financial phobias for good.
If waiting for an unpaid invoice makes your knees shake, consider invoice finance. This simple and effective solution gives you the cash in hand you need, when you need it. Turn your invoices into cash by talking to EarlyPay today.