FSB’s new report on the cost of late payments ⋆ Business Strategy and Inbound Marketing

FSB’s new report on the cost of late payments

We all know the cost of late payments. When large business pay late, it can put small firms out of business. It’s as simple as that. That’s why the Federation of Small Businesses are calling again for the Government to act.

Making sure that Government takes action on late payments has been a long-term priority for FSB. They have now published a new report – Time to act: the economic impact of poor payment practice – which they will use to encourage action. Their research exposes the UK’s poor payments culture, demonstrating that it costs the UK economy UK economy £2.5bn each year and kills 50,000 small firms.

To change this, the Government must put supply chain respect at the heart of its current Corporate Governance drive. The FSB plan would make boards of larger companies properly accountable for their payment practices, toughen the Prompt Payment Code and task the Small Business Commissioner with tackling supply chain bullying.Everyone in FSB knows the damage that late payments causes. The FSB have got Government to a point where they understand that there’s a problem. But they’re still not taking the necessary steps to fix it. That’s why the FSB will keep campaigning on this issue until action is taken and they stop this situation where in the UK, uniquely, it’s somehow seen as acceptable not to pay small businesses on time.

Are you a member of the FSB? Find out more here – http://www.fsb.org.uk/join-fsb/ways-to-join