Lloyds TSB: Businesses must plan for the upturn

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Lloyds TSB: Businesses must plan for the upturn

Lloyds TSB has informed business owners that they must prepare for economic recovery in order to ensure that they will thrive when the upturn begins.

John Maltby, managing director of the commercial arm of the organisation, made his comments following research by Lloyds which indicated that 31 per cent of businesses have not started preparations for when the economy recovers.

He pointed out that there is no certainty as to the extent of the upturn, but he claimed that it is those firms that do not plan which may fall in to the trap of overtrading.

"One thing is clear - those businesses already looking towards the upturn and planning how to make the most of it, are the ones which will thrive," explained Mr Maltby.

This month, Lloyds launched a new service called Debtor Insurance in order to help small and medium-sized companies avoid bad debts, because it predicts there will be many insolvencies over the next 18 months.

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