The government needs to do more to protect small businesses against the uncertainty and financial problems that can arise from late payments, a business lobby group has said.An Institute of Directors (IoD) poll of the main worries facing small- and medium-sized business owners found late payment still topping concerns, with insufficient business finance and the burden of taxes also prominent.In addition, the report calls for the government to review the impact late payments have on small firms and the wider economy, and to look at how this persistent problem can best be dealt with."At present there are gaps in the government’s policy programme on SME issues," said Miles Templeman, director general of the IoD."For example, late payment was highlighted as the factor causing the most significant negative impact on smaller companies, yet government have withdrawn support and reduced funding on the very initiatives aimed at tackling this growing problem."The new ministerial team at DBERR will be judged by how they tackle our members’ issues over the next 12 months," he added.The report also calls for government business support to be assessed in terms of its return on investment to guarantee more scrutiny of these services.© Adfero Ltd

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