Poor payment is one of the biggest issues that small businesses face. FSB research found that 84% of smaller businesses are paid late, which causes a loss of £2.5 bn GDP and forces around 50,000 businesses to close each year across the UK.
It has never been more important for your business to get paid in full and on time. Following on from the success of FSB’s recent award-winning campaign ‘Fair Pay, Fair Play’, the Government has been proactive in attempting to stamp out the worst kind of poor payment practices, but more must be done. Visit the FSBs campaign page: Making Business Better: Get Paid on Time for more information.
Now, as we continue our campaigning work, we are also delivering new debt recovery tools for our members and online masterclasses like this to help you implement practical measures to end the scourge of late payment.
In this July Masterclass the FSB specialist volunteers covered how to take charge of late payments, cash flow and debt recovery. The Masterclass included many top tips to ensure you have the skills and knowledge you need to build stronger relationships with your business customers and suppliers.
The session was hosted by FSB volunteers Clare Elsby and Sally Wood, Clare is FSB’s Area Lead for Leicestershire, Northamptonshire and Rutland and co-founder of Accountancy firm Elsby & Co. Sally of Sally Wood Consulting is a consultant FD, formerly of a large UK High Street retailer HMV. Together they shared their own tips and experience, as well as insight from the FSBs findings and services to enable to you to ‘Get Paid on Time’.
The event also featured an update on our campaign, legislation and regulations around late payment from Michael Weedon, FSB East Midlands policy representative.
Date of event: July 2020
Key followup actions and links:
FSB Membership services: From single invoice insurance allowing you to insure invoices against non-payment through bankrupcy or insolvency to legal help when you need it, FSB membership can help you keep on top of late payments. FSB members can also use the FSB Payments, FSB Legal Hub and NEW FSB Debt Recovery services to avoid late payment and get paid on time.
You can find further support and guidance around getting paid on time, as well as details on our lobbying and campaigning on the issue on the FSBs Get Paid on Time webpage here:
‘Late Again’, FSBs latest report on late payment, and our asks over Government to tackle the issue, can be found here:
FSB also have a dedicated Covid-19 support hub which gives specific guidance for small businesses on the Coronavirus and have launched the Skills Hub designed to support FSB members remotely; with learning opportunities, resources and advice for your business..This is one of many FSB events run across the UK, and most are not recorded. Be sure to join other business support events for free, here.