In this episode, you will learn from Philip about:

• the three principles of the Prompt Payment Code
• what happens to big businesses when they fail to pay on time
• what small businesses can do if they’re not being paid on time.

Your action takeaway:Big businesses: Embrace your responsibility to help your small suppliers stay in business, which is important both for them and for you as a recipient of their services.

Small businesses: Ask your big customers four questions:

1. Who am I supplying? Invoice the right entity.
2. When am I going to get paid? Agree this in writing.
3. How am I going to be paid? Understand your clients’ payment systems.
4. Where is my money? If you don’t get paid on time, chase your client!

Investors: As a responsible investor, your reputation and that of your portfolio companies is at stake if they don’t pay their small suppliers on time. Use the Prompt Payment Code as a tool in your ESG (Environmental, Social and Governance) toolkit.

**TO CONTINUE THIS CONVERSATION, PLEASE EMAIL ME AT client.care@peoplenet.ltd.uk

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