More than 30 small business owners attended the first post-pandemic network event after nearly two years at Metro Bank’s Liverpool Street store this week. Heading the event, Small Business Commissioner Liz Barclay spoke passionately about the issue of late payments.
Industry research reveals that poor payment practices have a huge impact on small business owners, with almost two-thirds (65%) of them often reporting late payments.
Late payments impact all aspects of a business: business owners stopping (47%) or reducing (37%) their own pay, canceling training (36%), failing to replace equipment broken (20%) until forced to pay the most worrying. their late staff (7%).
The Small Business Commissioner notes that if small businesses were paid on time, the UK economy would be boosted by around £ 2.5bn per year.
Michael Roe, local business manager at Metro Bank’s Liverpool Street store hosted the event. “We worked closely with one of our clients Your Business Community – a business networking community – to attract over 30 small business owners to the event. banking and financial needs to help them prosper and grow.
Liz Barclay helps shine a light on one of the biggest issues small business owners face on a daily basis. Delayed and late payments have a significant impact on business performance and cause a vicious cycle because, by affecting cash flow, small business owners themselves may be forced to delay payment. We encourage all business owners to contact their bank, who may be able to help iron out temporary cash flow issues. ”
The Liverpool Street Metro Bank store is located at 117-121 Bishopsgate, London, EC2M 7PP. The store is open Monday to Saturday 8:30 a.m. to 6 p.m., Sunday 11 a.m. to 5 p.m.
Metro Bank plc published this content on November 16, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 16, 2021 10:25:05 AM UTC.