It is estimated that small businesses are owed more than £23.4bn in unpaid invoices and that 50,000 businesses close every year as a result of late payment. With the rapidly increasing cost of overheads - from fuel to materials - small firms can ill afford to wait for customers to pay them what they are owed.
In this bonus episode, we talk to Liz Barclay, Small Business Commissioner. Her office is an independent public body set up by government to tackle late payment and consider complaints from small businesses about payment problems they encounter when dealing with larger business customers. The Office of the Small Business Commissioner provides free advice and support and seeks to help small businesses to resolve payment disputes.
Find links to content related to the topics covered in this episode below.
- Ten tips for negotiating fair payment terms from the Small Business Commissioner
- Getting paid - trading terms
- Q&A: Producing invoices
- How to take payments
- Prompt Payment Code
Handling late payment
- Controlling credit - checklist
- Essential guide to interest on late payment
- Interest calculator from the Small Business Commissioner
- Claiming statutory interest on your debts
Support from the Office of the Small Business Commissioner
- Office of the Small Business Commissioner website
- Email the Office of the Small Business Commissioner
- Call the Office of the Small Business Commissioner on 0121 695 7770
About Liz Barclay
Liz Barclay is a former small business and consumer-affairs broadcaster, producer and writer. She started her career as an adviser with Citizens Advice, before rising to become the organisation's ceo. In July 2021, Liz became the Small Business Commissioner.
About our sponsor
Thanks to the Federation of Small Businesses (FSB) for sponsoring the Start Your Own Business podcast.
If you've got a brilliant business idea or you're on your way to start-up success, FSB is here to help you every step of the way. As the leading voice of 5.5 million small business owners and the self-employed, they're helping entrepreneurs like you to achieve your ambitions.
Business life can be tough, but with FSB by your side, you won't have to go it alone. From market-leading business services like 24/7 legal advice and financial expertise, to local networking and a powerful voice heard in governments across the UK, you'll always have support by your side. With FSB's updates on the latest guidance relating to important issues like trade, digital skills, late payments, and sustainability, you'll stay one step ahead.
Find out more about how FSB can support you to start, run and grow your business at fsb.org.uk/join.
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