The old adage “look after the pennies and the pounds will look after themselves” seems to be the appropriate response to AXA’s research which shows seemingly innocuous costs such as tea bags and toilet roll looked at cumulatively brings the biggest surprise. Also the unexpected amounts spent on stationery and printer ink. Almost two thirds of employers asked admitted they don't look around to find the best prices, potentially resulting in thousands of pounds worth of unnecessary costs.
I suspect we are all creatures of habit and I was reminded of this when a friend commented on my placing a bottle top in my pocket rather than discarding it as there were no litter bins around. He wondered if this was an age thing. Maybe it is, but it was the way I was bought up.
Reports that business confidence is now at its highest level in 20 years have been borne out by the latest late payment analysis from Lovetts Plc, they have found that based on the volume of invoices being issued and now being chased for payment, businesses have got busier, since Q1 2014, but are also battling late payment as the number of bad debts on their books has jumped by almost a third.
With the success of crowd funding and the growth of Peer to Peer lending players such as Zopa - giving SMEs the opportunity for new forms of finance the banks are waking up to the opportunity this platform may offer their customers.
We act for many smaller businesses and are finding the late payment culture is not an exclusive of high street retail corporate's. They would never allow you to take goods out of one of their store on credit and are simply using their suppliers as substitute banks. It's cheaper for them to stretch payments times than borrow even at the current low rates.