Britain’s businesses will face enough challenges over the coming months without having to worry unduly about their responsibilities to the Treasury. So the government have launched a brand new Business Payment Support Scheme to give worried entrepreneurs some breathing space. It’s called Time to Pay.
A sharp downturn in the economy may not appear the most opportune time to push ahead with plans to attract new business. That said, businesses should consider resisting the understandable temptation in periods of recession to cut back on their marketing efforts in the name of cost saving.
With credit ever harder to come by, the looming recession promises to be a challenging time for even the best organised of businesses as they strive to maintain a reasonable cash flow and to avoid late payments. There are, however, a number of practical steps that businesses can take to ensure that they have as tight a control as possible over their finances.
