'Perfect time' for business health check

News Article - 21 May 2012
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This time of the year is the perfect opportunity for businesses to perform a health check of their financial situation, it has been claimed.

Simon Briault of the Federation of Small Businesses explained that now is the right time to assess business performance because of the quiet period following Christmas.

He stated: "With 2008 predicted to be a difficult time for the economy, that process is perhaps more important now than it has been for a long time."

Mr Briault also advised company owners to arrange a meeting with their accountant and discuss finances as the tax year comes to an end.

To control costs and ensure all debtors are paying the firm what it is owed, Mr Briault recommended seeking the assistance of a factoring agency.

Research by the Society of Turnaround Professionals and GE Commercial Finance has found that UK companies are ill-prepared to deal with the impending impact of an economic slowdown.

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