One of the biggest threats to startups and small businesses remains that of late payment, says Charlie Mullins.
With the government set to crack down on late payments, Creditsafe sought to highlight the worst offenders in the world of Formula 1.
While SME owners were heartened to hear the chancellor prioritise tackling late payments in last week’s Spring Statement, firms can proactively tackle the issue themselves, writes CEO at Oxygen Finance, Ben Jackson.
A survey of British business leaders has revealed that over a third would like to see a Brexit reversal over any other growth stimulation technique.
Small companies are the bedrock of the UK economy, accounting for over 99 per cent of private sector businesses last year, and employing nearly 16m people. But there is a problem holding most back – the late payments culture.
From 6 April, it is expected that all large UK companies will have to publish reports on supplier payment policies and practices. The proposed regulations are designed to create public transparency, primarily for the benefit of SMEs – and with the hope of eradicating late payers.
If you’ve been thinking of getting a new role, then why not apply for small business commissioner – a title which will have you focus on tackling late payment.
The events of 2016 created a great deal of uncertainty, so it’s important to focus on the things SMEs can do now to manage impending legislation and, ultimately, make life easier in the coming year.
Amid the headline-grabbing furore surrounding our exit from the European Union the government announced a positive move that will help make sure small and medium-sized business don’t feel the brunt of the late payment culture.
The old adage that “cash is king” has long dominated business speak, and is a reflection of the fact that the majority of business failures aren't because of a bad idea – but are to do with running out of money and having nowhere to go.
British political party UKIP has used the issue of late payments to make its feelings clear on the situation small and medium-sized businesses (SMEs) currently face.
Tesco has, according to the Groceries Code Adjudicator, breached its code by prioritising its own finances over the fair treatment of its suppliers.