On Wednesday the 28th September the Forum of Private Business in association with the Institute of Accountants & Bookkeepers (IAB) hosted a coffee morning where we discussed cash flow and payment issues for small and micro businesses as well as giving the attendees a chance to meet the Small Business Commissioner, Liz Barclay.
Attendees had the chance to discuss their issues around late payment, cash flow and what small businesses can do to improve the situation with experts from the IAB and the team at the Forum.
The event was well attended by a variety of business owners on the day, who enjoyed coffee and cakes at Apus Peak, a new retail and café business which has opened in Knutsford and is a micro business in its own right.
We also made sure the event was filmed, you can watch the streamed event below.
So, on the day we were able to cover a number of key areas, first of all we looked at what the small and micro businesses could do themselves to make sure their own practices and procedures were in order and efficient to make sure that payments are processed in the most effective manner.
We also discussed the impact of larger businesses who do make late payment part of their culture, which needs to change. The Small Business Commissioner had lots of good advice in this area, one of which was not to underestimate your own bargaining power in these negotiations, making sure you get a written agreement up front and if the going got tough to talk to the commissioner and her teams as they are able to help in many cases.
At a time when many small businesses are feeling overwhelmed and cash flow is a big issue the event was a timely reminder of what businesses can do to make improvements along with help and resources that the Forum, a good bookkeeper and the Small Business Commissioner can provide to ease the burden!
The Small Business Commissioner
The Small Business Commissioner (SBC) 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 SBC covers the whole of the UK – England, Wales, Scotland and Northern Ireland.
“Small firms are the talent that drive bigger business success. Pay them quick to ensure their future and yours.”
Liz Barclay, Small Business Commissioner
Guidance you can trust
The Institute of Accountants & Bookkeepers is a membership organisation and awarding body providing qualifications in bookkeeping, payroll and finance to members worldwide.
Although an accountant or bookkeeper can be seen as a luxury to a small business understanding and monitoring its financial health to make informed decisions about how its operating is vital to its success.
The Forum of Private Business has over 40 years of experience of helping its members with the day to day, regulatory and compliance issues they face. Our partners and associates are handpicked to provide the very best advice and offers to our members.
Join the Forum today to get immediate access to business support, financial and legal advice and money saving offers through our recommended partners. Contact our helpline today on 01565 626001.