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With market conditions impacting on all sizes of organisation in virtually every sector of the economy, Experian®, the global information services provider, today outlined a series of New Year’s resolutions for small businesses, providing those organisations most exposed to late payment and potential cash flow problems with advice to help them through the downturn.
Analysis of the sales ledgers of over 400,000 businesses conducted by Experian showed that at the end of October 2008, small businesses were bearing the brunt of increasing late payment of invoices across all industry sectors. While small businesses were taking an average of 60.3 days to settle their bills following invoice, their medium and large customers were taking an average of 61.4 days and 81.6 days respectively. Meanwhile, to the end of November 2008, insolvencies were showing a 32 per cent increase compared to 2007.
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