ate payment of invoices is threatening the survival of small firms, a businesses group has said.
The Federation of Small Businesses (FSB) fears that late payments, high inflation and mounting administration for firms that trade internationally could see numbers shrink if something is not done about these issues.
Of the 1,271 small businesses owners interviewed in an FSB study, 30% said late payment of invoices had increased over the last three months while a further 8% said they were dealing with other ways in which they were not being paid on time.
Only 6% said that a change in payment terms has been agreed over that period, and there were 8% of small business owners who said that late payment is now threatening the success of their firms.
FSB national chairman Mike Cherry said: “The small business community diminished in size over the past year and, unless action is taken now to tackle the challenges it…
