The Good Business Pays movement and Federation of Small Businesses (FSB) have joined forces to tackle the curse of SMEs suffering late payment. Their mission is to drive the growth of UK SMEs by getting invoices paid sooner.
They are calling on all SMEs to support the Good Business Pays movement by adding their voice to the campaign, helping to end long payment terms.
Support from FSB members will be vital to the success of the GBP movement. In return for signing up to support the campaign, FSB members will get access to the Good Business Pays portal enabling them to:
- Give secure and anonymous feedback on payment performance of their corporate customers and the impact on their business.
- Request day 1 payment from their corporate clients.
- Benchmark and compare corporate payment performance insights/records.
- Access expert late payment content, such as articles and guides from GBP and its partners.
- Opportunities to participate with GBP in national media and press coverage, relating to the GBP movement.
FSB recognise the impact that slow and late payment has on SMEs, in terms of business performance, emotional wellbeing and contribution to the wider economy.
SMEs make up 99% of businesses in the UK and employ 61% of the workforce. Yet, around 50,000 go out of business each year due to cash flow problems. If SMEs got paid faster, more would stay in business, employing more workers, and helping Britain’s economy get moving again.
The Good Business Pays movement is also asking big corporates to show their support by committing to:
1. Make a solution available that pays invoices when an SME supplier needs it.
2. Provide access to data that helps to drive the fast invoice payment agenda for SMEs.
3. Report on progress towards providing invoice payment when a supplier needs it.
4. Quarterly review of feedback from suppliers on payment performance.
For more information or enquiries relating to Good Business Pays contact: [email protected]