'Late payment' tops list of small firm anxieties

Date: 20th April 2009

Late payments from clients and customers are currently the biggest worries for small businesses, a survey has found.

Research by Lloyds TSB Commercial discovered that 48 per cent of firm managers in Scotland were concerned about not being paid on time, the Scotsman reported.

The poll also revealed that lack of finance was still a major anxiety for about a quarter of enterprises.

Ian Collins, area director Lloyds TSB Scotland, told the Scotsman: "There is no doubt the availability of funding plays a key part in the survival of any business and we are continuing to increase our lending."

The bank also stressed the advantages of a good accountant during the economic downturn.

"We should not forget the importance of sound business advice in helping build a long-term successful business," Mr Collins added.

An investigation by the Forum of Private Business earlier this month found that almost a tenth of companies have reported better access to credit in April.