Northerners fare better during credit crunch

26.08.08

In the survey conducted for Bacs, almost half of small businesses said they had experienced no visible indicators of a financial crisis, compared to almost 60% of small businesses in the rest of Great Britain feeling the negative affects of the credit crunch.

For those companies feeling the pinch, projects and payment are taking longer to materialise, resulting in spending cuts on expenses such as business travel.

The majority of those surveyed blamed individuals and small businesses as the worst offenders for late payments, letting large corporations off the hook.

Only 34% lay the blame with big businesses.

“The issue of late payments has been a challenging one for small businesses in this country”, said Michael Chambers, managing director of Bacs.

“Smaller organisations will be aware of the implications of late payments and therefore need to do everything in their power to keep to agreed payment terms.”

© Crimson Business Ltd. 2008