Published on: 9 March 2023
Small Business Saturday came and went on the 3rd December last year yet awareness remains low on how much the economy needs and yet fails to nurture them. Cashflow is the deciding surviving factor for small businesses. Yet the payment practices of many large corporates are still geared towards using the “Bank of the SME” to borrow against to finance their operations, through late payments.
The Business Secretary, Grant Shapps, announced a review to address this. In the mean time, ethical businesses can sign up to the voluntary Prompt Payment Code, administered by the Small Business Commissioner, and also request that their suppliers do the same. TISCreport enables everyone to look up their suppliers to see if they have made such commitments, to help them choose ethical suppliers.
It is estimated that over £23.4 billion currently owed in outstanding invoices to UK businesses. TISCreport makes prompt payment code signatories and companies in scope of payment practices and performance reporting regulations visible on the dashboards of subscribers. Buyers wishing to make a difference can do so within minutes with their own dashboards. As a new financial year approaches , better payment practices needs to be a key focus for any organisations seeking to perform better against ESG metrics.
Says Jaya Chakrabarti, CEO, “The Small Business Commissioner’s Office has confirmed that they would be happy to accept signatories via TISCreport and we’re really looking forward to helping businesses understand the huge impact they can have on vulnerable suppliers, simply by paying invoices on time and asking their larger suppliers to report on their own payment practices. Suppliers are the biome of corporate entities. Paying them late is a sign of dysfunction and an indicator of financial risk. ”
https://insights.tiscreport.org/uk-business-secretary-review-to-help-pre...
