ThatвЂ™s the finding from the Barclays Local Business annual Late Payments report.
The report showed that the on a typical day, construction firms in England and Wales are ВЈ2,837 out of pocket as a result of suppliers or customers failing to pay within 30 days.
The total figure has resulted in these SMEs losing nearly ВЈ1.1 billion over the last twelve months due to non-payments вЂ“ an average of ВЈ1,292 per business.
John Davis, marketing director for Barclays Local Business said: "Despite some recent positive economic signs, itвЂ™s concerning that late payments are on the rise. This is a serious issue for the construction firms we talked to - four in ten say it threatens their day-to-day survival."ADVERTISEMENT
The survey also found that firms typically have to wait 13.3 days after the invoice due date before they get paid. On average they spend 1.4 hours a day chasing late payment.
And Barclays found that the problem showed few signs of easing - 65% of companies polled in the survey said they thought the problem was likely to get worse over the next 12 months.