In this edition:

• September with the Small Business Commissioner

• Event: Free the Founder

• OSBC Success Stories

• Spotlight: Business Support

6 minute read

The month of September has been busy at the Office of the Small Business Commissioner. Since the launch of the UK Government’s Small Business Plan, late payment has been a hot topic and the OSBC is working hard to inform that conversation. So, here is an overview of some of the Commissioner’s key engagements this month, particularly her work convening leaders to explore ways of making life easier for small businesses.

Post-launch if Small Business Plan & Late Payments Consultation

• Confederation of British Industry, SME Council - Discussed the merits and challenges to the Government’s Small Business Plan and took feedback on the consultation.

• Small Business Session with No. 10 - This was the first in a series of sessions with the No.10 business team, where the OSBC brought together a range of small businesses to ensure their issues are heard at the heart of government.

• Trade Association Forum Keynote Speech - Highlighted the work of the OSBC to celebrate best practice in payments via the Fair Payment Code and how we support small businesses to go for growth.

• Westminster Policy Forum Keynote Speech - Took questions on how dealing with late payments can support start-ups, get money moving through the economy to small firms and support growth.

• Tech UK - Presented on payment priorities to Tech UK members and how we are leveraging technology to speed up payment times.

CFIT Prompt Payment Coalition

In partnership with the Centre for Financial Innovation and Technology (CFIT), the OSBC brought together a coalition of industry leaders, financial experts and government officials from multiple departments to consider how data can speed up payments and to look at establishing the concept of a Prompt Payment Score.

E-Commerce and Online Marketplaces

After an initial meeting with major marketplaces that collectively support more than 1 million side hustlers and full-time entrepreneurs to build and scale businesses, the Commissioner found strong commitment from this sector to ensure sellers get paid on time. This month, the OSBC team have continued to work with these marketplaces to establish a voluntary code of conduct that will set out standard principles for when seller accounts are put on hold in terms of communication with sellers and remedial actions that can be taken.

To receive the latest updates on our work, check out the Commissioner’s weekly updates by clicking the button below.

On Monday 13th October, ICAEW and Starling bank are hosting the Office of the Small Business Commissioner for an afternoon event called, “Free the Founder: How reducing hours chasing debt will boost business growth”. We hope you can you join us via the live stream as we discuss and debate how to a) free up the estimated 86 hours small business owners spend chasing debt and b) direct those hours to growth tasks like innovating, exporting and hiring.

The event starts at 14.00 and finishes at 17.00. You can submit your questions to the panels throughout the afternoon via the Q&A chat bar. Click the button to access the live stream.

The Office of the Small Business Commissioner has a statutory duty to review complaints by small businesses regarding late payments. Our dedicated casework team respond within 5 working days, but often much quicker, and where possible will support complainant businesses to secure monies owed.

In a recent case, our team worked to release payment of an overdue invoice worth £18,000. Once the team had all the details they needed, they were able to contact the business in question, and by 5pm the same day all of the overdue monies had arrived in the small business’s bank account.

You can read more recent success stories on our website and if you think we could help you, please contact us via our enquiries form by clicking the button below.

11th September - We have produced a new website to make it easier for you to access our support, tools and guidance.

13th October - ICAEW is hosting the Small Business Commissioner for an event called, “Free the Founder: How reducing hours chasing debt will boost business growth”. You can join us via the live stream, here.

23rd October - Closing date for the UK Government’s consultation on a raft of legislative changes to tackle late payments. Have your say and respond here.

Check out our brand new website to apply and see the full Awardees Directory, and keep up to date with Fair Payment Code news by following us on social media.