DIVERSIFY.. OR DIE; Biz Bureau.
Biz NEWS 1
MORE than half (56%) of small firms have diversified to survive the recession.
Offering new products or services and targeting new customers are the most common moves.
Many are working longer hours and opening at weekends. Almost three-quarters of companies have lengthened the working week, with those in Wales toiling the longest: 23% do a 56-plus hour week
A survey by Aviva also shows that tough times are forcing firms to take risks as they cut costs in crucial areas such as business protection and operational security.
Worryingly, one in 10 (12%) of businesses admitted they don't have any commercial insurance.
Employers' liability insurance is required by law. Some 560,00 companies could be trading illegally - and will end up out of pocket if disaster strikes.
Biz NEWS 2
CASHFLOW pressure has driven more firms than ever before to charge late payment interest.
According to debt recovery firm Lovetts, there has been a 114% increase in debts with LPI added in the past three months, over the same period last year.
Business can charge daily interest rates of 8% over the base rate and a minimum pounds 40 per invoice for overdue payments.
"It's a powerful incentive for people to pay up," says Charles Wilson, of Lovetts.
For Biz help, email bizbureau@mirror. co.uk or write to: Biz Bureau, Your Money, Daily Mirror, 1 Canada Square, London E14 5AP
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|Publication:||The Mirror (London, England)|
|Date:||Oct 14, 2009|
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