Brexit Day is here and marks the day that the UK officially leaves the EU. Inevitably businesses will come under a variety of pressures in the weeks and months ahead and as a consequence, there might be a temptation to delay supplier payments to ease and protect cashflow.
This behaviour would be short-sighted because the need for a strong and sustainable supply chain will be more vital now than ever. Late payment impacts business and the economy, causing huge emotional damage to small businesses and their owners. Conversely, prompt payment makes the supply chain stronger and more sustainable, and a partnership approach is much more effective.
The Office of the Small Business Commissioner is here to support small businesses, so if late payment begins to affect your business please contact my team because intervention is key, and prevention is better than cure.