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YOUR money: BIZ NEWS; BIZ BUREAU TOP TIPS TO KICK-START YOUR BUSINESS.

SMALL businesses are owed almost pounds 16billion in late payments, according to BACS Payment Schemes Limited.

More than half of small and medium-sized enterprises (59 per cent) have experienced problems with delayed customer or supplier payments at some time - almost double the figure reported in 2004.

However, BACS and Better Payment Practice Group have these top tips that may help with cash flow:

1. Be pro-active - always chase early. A polite call or email can often pre-empt a payment problem.

2. Do your homework - avoid risks by running a credit check on new customers.

3. Demand interest on late payments - you are legally entitled to it.

4. Boost cashflow - get paid electronically as funds clear quicker for use.
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Title Annotation:Business
Publication:The Mirror (London, England)
Date:Nov 22, 2006
Words:118
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