Good Business Pays is spearheading an alliance involving the Small Business Commissioner and leaders from the UK’s biggest business groups including the Federation of Small Businesses, CBI, and BCC to stop slow payments from harming small businesses once and for all.
Launched today, the “Wait Off” campaign is backed by 16 of the UK’s most influential groups – representing a total of over half a million businesses in the UK – to up the ante in tackling the poor payment practices of big businesses across their respective industries. The campaign is also being backed by a number of UK businesses that support faster payments to small businesses.
The latest data from the FSB suggests slow and unfair payment practices are threatening the future of almost half a million UK small businesses.
Whilst the challenges of slow payment have been well reported and become a focus for many campaigns over the last few years, the volume and variety of voices calling for change has left small businesses unclear where to show their support and therefore disengaged. The “Wait Off” campaign will create a consistent platform for groups and businesses to work together in achieving lasting change.
Terry Corby, Chair of Good Business Pays, commented: “Slow and late payments have been a problem ignored by many businesses for a long time, but with so many small businesses struggling with rising costs and inflation, it has never been more important to ensure cash flows smoothly and quickly throughout the supply chain.”
A study commissioned by Good Business Pays and carried out by the Centre for Economics and Business Research (CEBR), estimates that if small businesses’ invoices were paid on the day they were submitted, their revenues would increase by £40bn to £60bn per year.2 This could provide a significant income boost for small businesses at a time when their operating costs are rising by the week.
The list of those business groups backing the campaign is:
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