Will small firms forced to accept new credit terms seek facilities management cost reduction advice?
September 16th 14:19 Cost Management
A number of small businesses in the UK could be tempted to adopt facilities management cost reduction processes after being forced to accept new credit terms.
Data from a recently-published report by Touch Financial has revealed that 50 per cent of small enterprises have seen credit terms with large customers altered in the past 12 months, smallbusienss.co.uk reported.
The report also showed that in 89 per cent of the cases, the small firm had "no choice" but to accept the new proposals, despite being offered them half-way through an existing contract.
Furthermore, 40 per cent of those forced to accept new terms said the agreements have had a negative impact on their future growth plans.
Touch Financial director Simon Carter told the news provider: "Suppliers are within their rights to refuse, but the majority are clearly in fear of losing their customer, even if it means putting their business at risk.
"It has to be wrong for larger companies to force a change in terms and conditions without negotiation, especially if those changes are imposed after a contract has already been signed."
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