Local News

Small Businesses Urged to Stay on Top of Debt

credit card debt

Small businesses on the Eyre Peninsula have been warned to stay on top of outstanding debts as a new report points to growing uncertainty around the economy.

It shows 64% of Australian small business owners are confident about the current state of their business, yet there has been a 15% decline in those planning for growth.

CEO of Prushka Roger Mendelson, says it highlights the need for businesses to stay on top of their cash flow and credit arrangements.

“Businesses in the regional areas tend to be much more trusting of new customers, one of the concerns we have Australia wide is more than half of SMEs wait more than 90 days to outsource overdue accounts, there’s a risk of overdue debt becoming a bad debt.” Said Mendelson