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Late payment from customers is the 'biggest challenge' for businesses

A new survey also found that Irish businesses in the UK are outperforming their UK counterparts in a number of areas.

A NEW SURVEY has revealed that the biggest challenge facing businesses in Ireland and the UK at the moment is late payment from customers.

The survey, conducted by the Irish International Business Network (IIBN), found that 56 per cent of respondents feel that payment from customers had a mild or very negative affect on their business.

Chairman if the IIBN Dublin chapter, Niall Fenton , said that late payment from customers is “slowing down business development across the UK and Ireland.”

“The British Government is currently considering fining companies who do not settle invoices on time,” he said. “I’m sure this is a policy that would be welcomed by many small and medium enterprises throughout Ireland.”

Despite concerns about payment, most businesses are are feeling more confident with 64 per cent reporting either a mild or significant increase in turnover and gross profits in the last year.

83 per cent of businesses also expect to see an increase in profit over the next twelve months.

When compared it appears that Irish business people in the UK outperformed their Irish counterparts at home in terms of customer demand (81 per cent in UK to 71 per cent in Ireland). They also reported a marginal advantage in their ability to expand into new areas (65 per cent in UK to 64 per cent in Ireland) in the past 12 months.

This may be related to greater access to capital in the UK, IIBN said. Almost 40 per cent of respondents in Ireland claimed a lack of access to capital impacted negatively on their business compared to only 26 per cent of respondents in the UK.

Read: Consumer confidence is up but disposable income is down>

Read: Good news for Ireland as Eurozone economy ‘stabilising’>

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    Mute Peter Richardson
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    Mar 14th 2013, 8:08 PM

    Bono could not be the Pope because it would have been a demotion.

    49
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    Mute Dhakina's Sword
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    Mar 15th 2013, 3:16 AM

    Beautiful .

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    Mute Jason Bickerstaffe
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    Mar 14th 2013, 8:43 PM

    Fair play Bono……..and here come the RED THUMBS…..

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    Mute Stephen murphy
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    Mar 14th 2013, 8:59 PM

    I would love to sit on that sand sculpture, have a dump right in its mouth and show the Church what I think of their Cult!

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    Mute Peter Richardson
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    Mar 14th 2013, 9:33 PM

    @ Stephen, amen to that!

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    Mute Ronan Stokes
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    Mar 14th 2013, 10:37 PM

    Was that you on Dollymount Stephen!?!? Feckin runners are ruined!!

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    Mute Vincent Bickerstaffe
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    Mar 14th 2013, 8:53 PM

    If you actually watch the Video its hard to red Thumb.. he has done great work fair play…. :)

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    Mute Dave Moran
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    Mar 14th 2013, 10:00 PM

    Haters be hatin’

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    Mute Frank Comments
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    Mar 14th 2013, 8:47 PM

    Great talk. FairPlay Bono.

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    Mute Nikolas Koehler
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    Mar 14th 2013, 8:02 PM

    Puri? Seems odd, as it’s a very important Hindu religious centre. Have they gone Catholic?

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    Mute Liam
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    Mar 14th 2013, 8:27 PM

    Have they gone Catholic? Not necessarily, it was only one person who made the sculpture and as far as i’m aware Hindus are not that opposed to Catholics in the sense that they would prevent a person from doing something like this. Still though it is impressive.

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    Mute Nikolas Koehler
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    Mar 14th 2013, 8:54 PM

    It is impressive. I’m only saying because I was there a long long time ago ( lovely place, with a massive yearly religious festival ), and it’s the other side of India that has a large catholic presence, mainly around Goa. You’re right about Hinduism not having a problem with most other religions, Hinduism just sort if absorbs them into itself. Beats slashing each other to death. The Muslim/Hindu tensions are not based in religion, but were stirred up by the departing British authorities IMHO. A terrible shame.

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    Mute On Raglan Road
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    Mar 14th 2013, 8:06 PM

    Great times in Basin Lane school, Jamebo.

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    Mute Declan Byrne
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    Mar 15th 2013, 8:52 AM

    Hmmmm the multi millionaire TALKS about poverty wow!!!!

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