Small businesses who are suffering from the UK's late payment culture have been urged to review their financial procedures.
Research from the Forum of Private Business, revealed that nearly three quarters of small business owners say late payments are a threat to their businesses' stability.
With larger companies, particularly those in the private sector, amongst the worst culprits when it comes to late payment, small businesses simply cannot wait for invoices to be paid.
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Even a slight change to cash in and out of the business is crucial and having to wait more than 30 days for payments to be settled can make or break a start-up firm.
Dave Golding, a Bibby Financial Services spokesperson in Manchester, said: "In a business environment that purports to encourage entrepreneurial flair and the emergence of new enterprises, established corporate players should practice what they preach and operate fairly when working with smaller firms.
"Despite the best efforts of many small business associations and government bodies in addressing late payment issues, many larger companies still seem to forget that small businesses simply don't have the luxury of a financial cushion to cover them should a payment be delayed."
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