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#29 - Pay on time with Philip King, interim small business commissioner
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:
- Who am I supplying? Invoice the right entity.
- When am I going to get paid? Agree this in writing.
- How am I going to be paid? Understand your clients’ payment systems.
- 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.
TO CONTINUE THIS CONVERSATION, PLEASE EMAIL ME AT [email protected]
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/
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By Corinne CarrIn 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:
- Who am I supplying? Invoice the right entity.
- When am I going to get paid? Agree this in writing.
- How am I going to be paid? Understand your clients’ payment systems.
- 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.
TO CONTINUE THIS CONVERSATION, PLEASE EMAIL ME AT [email protected]
TO GET EACH EPISODE OF THIS PODCAST STRAIGHT TO YOUR INBOX, PLEASE SUBSCRIBE HERE: https://www.peoplenet.ltd.uk/newsletter/