Thought Leadership – Zoé Lewis
Championing Fair Payment: A Path to Sustainable Business Success
As the founder and CEO of The Leadership Coaches, I am both honoured and proud to have received the Gold Award for Fair Payment. This recognition stands as a testament to our commitment to doing business the right way. Fair payment is not just about numbers on a spreadsheet. It’s about creating a culture of respect, responsibility, and sustainability within every aspect of a business.
As a former freelance consultant, I have felt the sting of late payments. The frustration of working tirelessly on a project only to face uncertainty as I waited for what was owed to me. What struck me the most was how the larger, often more financially secure companies, were the ones who seemed to drag their feet when it came to paying on time. In contrast, smaller businesses, aware of the importance of cash flow, seemed to understand the critical role prompt payment plays in ensuring their suppliers can grow and succeed.
This is where the idea for The Leadership Coaches was born. A company committed to more than just delivering world-class executive coaching. It was founded with the intention to create a business that aligns values with practice, one where fairness and integrity underpin every decision we make. When I founded The Leadership Coaches in January 2020, I made a firm commitment to always pay our associates within 45 days. In reality, I have never paid an associate more than 30 days after the invoice date.
The reason for this commitment goes beyond financial transactions. As a small business, I know firsthand the financial strain that can come from waiting on payments, particularly when dealing with larger clients that have much longer payment terms. We’ve had clients with 90-day payment terms, meaning that often, we were paying our associates before we were even paid ourselves. We were the small company, but we knew it was our duty to uphold the values of fairness and respect for everyone in our supply chain, regardless of the size of the business we were dealing with.
In line with the Fair Payment Code, which aims to ensure that businesses pay their suppliers on time, we’ve made it a priority to role model what it means to truly value the people who help make our work possible. This code serves as a reminder that fairness isn’t just a nice-to-have. It’s a crucial part of any ethical business. A culture of prompt and fair payment drives trust, improves supplier relationships, and ultimately benefits the entire business ecosystem.
Our business at The Leadership Coaches is built on respect, diversity, and inclusivity. Values that are critical in both leadership development and the world of business. We take pride in being able to offer our services not only to large global organisations but also to those smaller businesses that may struggle with cash flow and access to coaching. Many of our coaches offer pro bono time to mentor and support individuals who would otherwise be unable to access these services. It is our way of giving back and ensuring that growth is accessible to all.
Leadership is about setting an example, leading with integrity, and creating an environment where people are valued. I’m proud of how we’ve led the way in championing fair payment. It’s not just about paying bills on time. It’s about creating a ripple effect that uplifts everyone in the business chain, from the smallest supplier to the largest corporate client.
The Gold Award for Fair Payment is not the end of the journey. It’s a stepping stone towards a more just and equitable business world, where fairness is a standard, not an exception. At The Leadership Coaches, we will continue to champion this cause and encourage others to join us. After all, paying fairly and on time isn’t just the right thing to do. It’s the smart thing to do.
Let’s all work together to make the world of business a better place for everyone.
Written by Zoé Lewis, CEO of The Leadership Coaches .