Small businesses need to keep an especially close eye on costs and cash flow over the festive period to ensure they do not get caught in the tide of failures that traditionally rises in March. Insolvency experts at Middleton Partners say March generally has the highest level of insolvencies in the year, and 2003 could be even worse than previous years because Christmas day falls on a Thursday and many companies will be likely to close for almost two working weeks. The long holiday will result in reduced sales (and revenues) in late December and January. This, combined with pressure from creditors to have their bills paid, could easily put a company out of business. Peter Yeldon of Middleton notes: ''Even a small boost from good pre-Christmas sales can lead small businesses to over-commit themselves financially in the short term, but they will suddenly find their business in serious trouble
come January." Companies with existing financial problems are particularly at risk.
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