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Is your small business getting paid on time?
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The Office of the Small Business Commissioner (OSBC) is an independent public body set up by Government under the Enterprise Act 2016 to tackle late payment and unfavourable payment practices in the private sector. The OSBC covers the whole of the UK - England, Wales, Scotland and Northern Ireland.
The late payment culture that exists between businesses in the UK means that:
- a third of payments to small businesses are late
- the average value of each payment is £6,142
- 20% of small businesses have run in to cash flow problems due to late payments
- if small businesses were paid on time, this could boost the economy by an estimated £2.5 billion annually
The current Small Business Commissioner, Liz Barclay, leads an independent office aimed at empowering small businesses in resolving disputes around unfair payment practices and provides advice, including on how to take action if a payment is overdue.
The Commissioner urges small businesses to use the OSBC’s complaint investigation service and promises to take action to tackle the worst examples of supply chain bullying.
Steve Ennis from Business Doctors is your host and the show was produced by Dave Bird in his Small Biz Digital Media studio.
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