2021 has been yet another tough year for British businesses of all sizes. As the pandemic continues and the wider economy works to build back better, it is SMEs who are impacted the worst, whilst larger companies are seemingly faring much better.
Author: Paul Christensen
5 things the incoming Small Business Commissioner should consider in the fight against slow payments
Liz Barclay’s appointment as Small Business Commissioner was the latest development that reflected the UK’s longstanding and worsening slow payments crisis.
While this is a welcome step in the right direction, there is still a long way to go in addressing the chronic issue of slow payments. A 30-day payment period is still 30 days too long for many small businesses struggling to stay afloat.
Since the collapse of Carillion over a year ago, tackling slow payments to suppliers has maintained a spot as a key priority for the UK Government.
As the Government announces new enhanced powers for the Small Business Commissioner to tackle late payments, Paul Christensen, CEO and co-founder of Previse, points out that, unless these are coupled with reform to Prompt Payment reporting, they are unlikely to lead to practical changes for SME suppliers.
Many of the most progressive businesses are enthusiastic about putting an end to slow supplier payments.
Supply chain finance (SCF) is useful in many ways. One thing it is not is a solution to slow payment terms for smaller suppliers.
A few weeks ago, Sears, once America’s most iconic retailer, filed for Chapter 11 bankruptcy.
We are very pleased to have been selected by the UK Department of International Trade to represent the UK fintech sector at Sibos 2018 which takes place next week.
The tools and technology now exist to solve the late payments problem.