For some, winter brings the prospect of cosy nights in, sheltering from conditions outside.
However, the year’s darkest season is as notable for its ability to chilll our mood as much as our fingertips.
A brief glimpse at print or broadcast media seems to suggest that the economy has caught a cold.
Only a couple of weeks ago, the BBC reported that UK plc had registered minimal growth after successive months of contraction.
That has been reinforced by data showing that compulsory company insolvencies in 2024 were almost 14 per cent up on the previous year.
Given that 2023 saw more businesses go bust than at any stage for three decades, that makes for bleak reading.
It illustrates, I think, two things.
Firstly, we are sadly still seeing the results of the removal of Government support for enterprise during the pandemic.
Some of the companies which received grants in 2020 were already in trouble and, with the financial props taken away, they have simply been unable to keep going.
In addition, continued high living and operating costs have made the challenge of balancing the books even more acute.
That can have a marked impact, even in those businesses which are still going concerns.
For instance, one piece of research has highlighted how more companies are having to contend with business customers taking longer to pay bills.
It revealed that the issue can, in fact, be existential for some of the millions of small and medium-sized enterprises (SMEs) which make up more than 99 per cent of all business in the UK.
As well as more of their number facing non-payment, the value of bad debt which they have had to write off has doubled in the space of just 12 months.
The results of a survey on late payment by the Goverment found that nearly half of those not settling invoices on time had themselves complained about being paid late.
It is a situation which clearly resonates with ministers trying to haul the economy out of the doldrums.
December saw the launch of a new Fair Payment Code and the promise of legislative reform to clamp down on late and non-payment.
The Small Business Commissioner, Liz Barclay, outlined how the measures were intended to make late payment “a rare event”.
One reason why that is imperative is because bad debt can have a cascade effect, inhibiting the performance of firms owed money.
Those familiar with the time taken for legislation to navigate its way through parliament and onto the Statute Book, however, will appreciate that companies chasing outstanding sums won’t necessarily be given substantial assistance any time soon.
Yet there is something which can be done in the meantime.
A large proportion of conversations with our hundreds of business clients now includes reference to trade credit insurance – in short, cover against financial loss due to things such as bad debt.
The economic climate and its ability to result in late payments and insolvency is prompting more companies to weigh up whether they need such policies.
Trade credit insurance can see firms receive the majority of monies owed should customers fold without settling their bills.
When client companies continue to trade but exceed agreed payment terms, policyholders can also still receive payment from insurers, who then assume responsibility for pursuing the debt.
Trade credit cover has certainly become a more common topic of discussion for both large and small businesses in recent months as the economy has hardened.
Many clients believe it a practical and effective alternative to the uncertainty and cash flow constriction caused by overdue invoices.