The Government has backed a scheme to encourage large businesses to pay smaller businesses on time.
More protection for Small Business Owners
The Small Business Economic Forum have signed an agreement that means they will work together to try to introduce measures and systems that ensure small businesses receive payments on time from large businesses that owe them money. Guides and hints on how best to manage late payments are also to be made available.
The Government is eager to improve the cash flow situation for small businesses. They have already started to introduce policies which means many Government suppliers and contractors are paid within 30 days while an official complaint procedure has also been put in place.
Business and Enterprise Minister Mark Prisk is behind the latest push to help improve the payment situation that small businesses and enterprises sometimes find themselves in.
Cover your payment risks with a Business Insurance Policy
Small businesses can suffer greatly at the hands of late payments. With regular payments arriving on time and as expected, the business is able to avoid unnecessary charges and can also plan ahead more confidently, knowing that their invoices will be paid according to their terms.
Another way to help manage risks like these is through a comprehensive small business insurance policy from The Business Octopus. Contact us today on 0161 968 2041 to discuss your needs so that we can provide you with a competitively priced quote to help protect you against potential losses.