The best business advice, opinion, news and expertise in Greater Manchester and further afield.

Friday, 20 February 2009

Interest on late payments could boost SMEs

The Chamber has just received an email from Susan Bateson at Stephensons Solicitors with an interesting reminder for our members:

Businesses can charge up to ten per cent on late payments.

Here are some words from Susan herself:

“Small businesses in particular are being crippled by a growing culture by larger firms who string out payments terms, with some not paying at all. A lot of businesses aren’t aware that they can claim ten per cent statutory interest and compensation, while others who are aware, are afraid of losing out on future contracts by actively reclaiming their debts.

“Times have changed and businesses need to take a more proactive approach to debt recovery."

Susan gives some handy advice about Debt Recovery as part of our new Recession Business Doctor feature. We're assembling a panel of experts from our membership to give out free advice for coping with the recession. Read Susan's contribution here and have a good weekend.

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