News

In a recent UK business survey carried out by Time Finance, 75% of respondents said that their biggest concern was cashflow as a direct result of overdue invoices from their customers. The survey also revealed that chasing payments was damaging relationships for 17% of businesses while 8% said that the lack of essential working capital meant they were unable to afford key investments.

With this in mind, Worcestershire commercial property consultancy and Chartered Surveyors GJS Dillon has signed up to the Prompt Payment Code. This is a voluntary code of practice for businesses, administered by the Office of the Small Business Commissioner on behalf of the Department for Business and Trade. Established in 2008, it sets standards for payment practices between organisations of any size and their suppliers.

The ethos of the Code is that signatories undertake to:

1. Pay suppliers on time, within agreed terms
2. Give clear guidance to suppliers on terms, dispute resolution and prompt notification of late payment
3. Support good practice throughout their supply chain by encouraging adoption of the Code

John Dillon, GJS Dillon’s Managing Director says ‘Many of our clients, trusted local contractors and key strategic partners in Worcestershire are individuals and small business owners. We recognise that speedy payment is essential for them in order to assist their cashflow. So in accordance with our Core Values – Trust, Honesty, Integrity, Teamwork, Positivity and Service -we have signed up to the Prompt Payment Code. By doing so we believe that we are making a contribution to the financial wellbeing of the many small businesses across the County and would encourage others to do the same.’

For further information about the Prompt Payment Code see https://www.smallbusinesscommissioner.gov.uk/ppc/about-us/