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Top 10 best and worst paying industries of 2014

Top 10 best and worst paying industries of 2014

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The one main question on everyone’s lips in business is when am I going to get paid. Money is business and cash flow is a top priority. 2014 saw the rise of 585,974 companies and the fall of 25,385 in the UK. The main reason for a business to fail is a poor cash flow. Cash is vital for any business to survive, and many businesses struggle with maintaining a healthy cash flow. Credit checking and analysing trade payment behaviour is vast becoming part of everyday business life, and credit checking online can advise you instantly what companies are good to do business with. Choosing your market wisely, setting up adequate payment terms and collecting cash is a key part in business, and if this routine starts to go wrong you won’t get paid, which could cause your business to suffer, hence the reason to credit check.

A Creditsafe credit report will show you company’s payment behaviour, their account history and a list of all their key financials among many other things. It will also show you how many Days Beyond Terms (DBT) it takes a business to pay their bills, along with the average for that industry. Whoever you go into business with, the best advice we could give you is to credit check them and check that their payment behaviour is satisfactory for you and your business. Without this investigation into a business you are dealing with, you could lead your company into doing bad dealings and gain bad debt.

See below the best and worst paying industries of 2014; do you deal with them?

Best Paying Industries 

Industry  Average Days Beyond Terms (DBT)
Activities of property unit trusts 2
Gathering of wild growing non-wood products 4
Building societies 5
Activities of open-ended investment companies 6
Renting of video tapes and disks 6
Repair of footwear and leather goods 6
Manufacture of fibre optic cables
Manufacture of wallpaper
Youth hotels
Activities of business and employers membership organisations

 

Worst Paying Industries

Industry Average Days Beyond Terms (DBT)
Growing of fibre crops 57
Life reinsurance 55
Activities of real estate investment trusts 42
Manufacture of motorcycles 33
Manufacture of steam generators (except central heating hot water boilers) 32
Manufacture of ceramic insulators and insulting fittings 31
Activities of investment trusts 30
Activities of trade unions 30
Manufacture of men's underwear 29
Manufacture of imitation jewellery and related articles 28


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