"PAYING FOR GOOD"

S3 E10: 'Why it's important to pay on time' with Philip King, interim small business commissioner

March 25, 2021 Corinne Carr Season 3 Episode 10
"PAYING FOR GOOD"
S3 E10: 'Why it's important to pay on time' with Philip King, interim small business commissioner
Show Notes Transcript

In this episode, you will learn from Philip about:

  • the three principles of the Prompt Payment Code
  • what happens to big businesses when they fail to pay on time
  • what small businesses can do if they’re not being paid on time.

Your action takeaway:
Big businesses: Embrace your responsibility to help your small suppliers stay in business, which is important both for them and for you as a recipient of their services.

Small businesses: Ask your big customers four questions:

  1.  Who am I supplying? Invoice the right entity.
  2.  When am I going to get paid? Agree this in writing.
  3.  How am I going to be paid? Understand your clients’ payment systems.
  4.  Where is my money? If you don’t get paid on time, chase your client! 

Investors: As a responsible investor, your reputation and that of your portfolio companies is at stake if they don’t pay their small suppliers on time. Use the Prompt Payment Code as a tool in your ESG (Environmental, Social and Governance) toolkit.

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Please email [email protected] for a transcript of this episode.