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Small firms threatened by late payment as costs surge

A number of firms could be forced to close again this year due to late payment alone, with more small firms now expecting their performance to worsen over the coming three months.

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400,000 small firms have been impacted by poor payment practises in recent months, with high inflation and ‘mounting admin’ causing the business community to further shrink in size if left unaddressed, according to the Small Business Index (SBI).

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