It has been reported that rising energy bills and late payments are putting small businesses at risk.
A recent survey found that 85% of Forum of Private Business members reported an increase in energy costs and 54% have experienced problems with late payments.
With SMEs already facing economic battles on all fronts, a drop in temperature this winter could end the war for many businesses. Businesses should be looking into their cash management process to ensure that this is as tight as possible and making contingency plans should the worst happen this winter.
If your business is experiencing difficulties, then now is time to seek help. It may not necessarily be too late to save the business if specialist advice is sought at the earliest opportunity.
By associate solicitor, Nicola Whittle