Business owners 'should review finances'

Posted on 29 August 2008

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Small business owners and freelancers have been urged to conduct a review of their finances, amid the rising costs of energy and other commodities.

Research conducted by HSBC Commercial Banking has indicated that small and medium sized enterprises (SMEs) are suffering as a result of late-paying clients.

At the same time suppliers are keen to ensure bills are paid as quickly as possible, heightening the financial pressures on those working independently.

HSBC's head of commercial finance for Europe Noel Quinn claimed business owners should seek professional advice to help combat economic pressures.

He stated: "Quicker billing and longer payments can put pressure on small businesses and form an unsustainable cycle but SMEs can break this cycle. Some may benefit from a review with their business bank."

Research published this week by UK200 Group, a partner of the Forum of Private Business, suggested that 90 per cent of entrepreneurs blame the government for the credit crunch.

Category: General News

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