A third of small firms have reported problems with cash flow during the second half of last year, according to a recent survey. Lloyds TSB Commercial polled small firms and found that 70% of those with cash flow problems blamed the late payment of invoices. The survey also found that businesses in the construction industry and wholesale and distribution sector were the most likely to suffer from late payments. Simon Featherstone, managing director of Commercial Finance, said: "It's vital that businesses examine where the threats lie and look at ways and means of strengthening their cash flow going forward."

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