The team at Commercial Domestic Investigations have blogged about businesses suffering with late payment problems before. That’s why we were pleased to hear that the government has revealed plans to secure a small business commissioner to tackle problems to do with late payment and other business related issues.
The Department of Business, Innovation and Skills revealed that the role would involve a ‘culture change’ in the way that smaller businesses handle issues with larger companies. Supply chain practices would come under scrutiny, and the new commissioner would help smaller companies with access to help, advice and conciliation services.
The government’s pledge to help smaller businesses will go further than the Enterprise Bill and the commissioner will have some powers allowing him/her to take larger companies to task over payment issues.
It’s estimated that small businesses are owed in the region of £26 billion pounds in late payments, this is hampering businesses from operating, growing and creating sustainable employment. Small business minister Anna Soubry said: “The government is backing small businesses to grow and create more jobs and opportunity. The commissioner will tackle the imbalance of bargaining power between small suppliers and large customers, and encourage them to get round the table and sort out disputes at a fraction of the cost of going to court.”
A number of measures
The creation of the commissioner role follows on from the Small Business, Enterprise and Employment Act 2015 which was brought in recently and will mean that the UKs largest companies must report to the government on their payment practices. The commissioner will have access to this data and may use it to drive reforms in larger companies.
A discussion paper on the commissioners role has been produced by the government who are asking business owners for feedback to help inform the commissioners role. Here at Commercial Domestic Investigations we’re keen to help small business owner’s deal with late and non-payment issues.
If you think your business could benefit from our services please contact Commercial Domestic Investigations for an impartial and friendly chat about your needs. To keep up with the latest debt collection news remember to follow Commercial Domestic Investigations on Twitter.
About Commercial Domestic Investigations
Commercial Domestic Investigations are regarded within the debt collection and credit control industry as one of the best credit management companies in the UK. Established in 1988 to support and service all sizes of companies in the field of Credit Management.
Primarily our clients use our automated Debt Collection Services, but over the last eighteen years clients requirements have changed dramatically, something Commercial Domestic Investigations has addressed.
We now boast a national client base in excess of 30,000 companies. Commercial Domestic Investigations has grown by listening to clients’ requirements and adapting our services to meet all companies’ needs from Sole Traders, SMES, Ltd and Plcs. Please contact us on 08444 159200 for more information.