Thought Leadership – Caroline Johnstone

Prompt payment to our suppliers and delivery partners is of the utmost importance to us, and the principles of the Fair Payment Code, being ‘Clear, Fair and Collaborative’, align perfectly with those of Rawstone Consulting. Our achievement of Fair Payment Code Gold Award status, the highest tier awarded only to firms paying at least 95% of all invoices within 30 days, means a great deal to us.

Poor payment practices can lead to wasted time, stress, and fraught client/supplier relationships. Practices set out by the Fair Payment Code can help SMEs ease cash flow challenges, boost efficiencies, reduce borrowing, and invest for growth. It is for these reasons that prompt payment to our suppliers and delivery partners comes high in our company’s priorities. For our supplier relationships, fair payments build trust, boost our reputation, and are a great foundation for longstanding working partnerships. In terms of our delivery partners, it helps us to attract the best people to deliver our work. Working in a highly competitive market space, we aim to attract the best talent, and fair payments encourage retention and loyalty of these individuals. This, in turn, creates greater value for our clients by increasing efficiencies and delivery of only the highest standard of work.

Written by Caroline Johnstone MSc, FICRS, Managing Director at Rawstone Consulting.