In our award-winning Fair Pay, Fair Play campaign, we highlighted the late payment epidemic plaguing small businesses across the UK. The Government has been proactive in attempting to end the worst kinds of poor payment practices, responding to FSB asks and most recently tightening up the Prompt Payment Code to get big companies to pay small partners on time.
We’ve made progress, but more must be done, and it must be done now. With the challenges of COVID-19, stronger action is more vital than ever to help small businesses protect their cash flow.
Where are we now?
BEIS press released the full reform package with an FSB quote, confirming our Audit Committee recommendation and our second reform - of the Prompt Payment Code. She offered “great thanks to the Federation of Small Businesses and its Fair Pay campaign, which has campaigned so hard for movement from Government”.
We're a proud supporter of the Good Business Pays movement
We’ve joined the Good Business Pays movement as part of our ongoing campaigning for shorter payment terms for small businesses – and here’s why you should too.
Small businesses are at the heart of our communities, employing 61 per cent of the workforce. Yet, around 50,000 firms close each year due to cash flow problems. If larger businesses paid smaller suppliers sooner, more small firms have the opportunity to thrive, create new jobs and boost our
We’re lobbying government to persuade all businesses to adopt better payment practices, but change can only happen if we all play our part.
Make a difference by signing up today, because good business pays.
Good Business Pays – improving late payments to get paid sooner
The Good Business Pays movement campaigns for a better, smarter way of doing business, through advances in technology and the availability of data, whilst building an engaged community of corporates and small businesses to get suppliers paid sooner.
Watch our webinar on-demand to find out how you, as a small business, can add your voice to the Good Business Pays movement, access the Good Business Pays portal and play a part in supporting the solution.
Dealing with late payments?
If late payments are causing you issues, our guides below can help.
Learn the nine strategies you can put in place today to help reduce the risk of late payments in the future, including payment terms and credit references.
Take control of your late payments with our top tips for getting invoices paid, from consistent communication to friendly letters.
Lost count of how many reminders you’ve sent? Find out about the legal action you can take to recover the money owed to you.
Support through your FSB membership
Your FSB membership gives you 24 hour access to tools, resources and support to help you manage your payments on your terms:
✔️ Free 16 page downloadable debt recovery guide to help you get started
✔️ Late payment calculator to calculate interest and compenstion on late invoices
✔️ Take control of your late payments with letter before action templates ready to download and customise.
✔️ Telephone helpline staffed by debt recovery experts ready to answer your questions.
Finally, should you need it, our legal team are available to offer additional support at discounted rates.
With 5.9m small businesses in the UK it is vital they have access to a variety of support services. I know how crippling late payment can be and that early action is crucial when expected funds fail to arrive. I'm pleased to see FSB adding this service to the support they offer their members and believe it will complement the help available from my office.
Small Business Commissioner, June 2020