Last week, the government and Small Business Commissioner (SBC) announced that Liz Barclay will be taking over as the new SBC. Ms Barclay is making history as the first woman to hold the position and she brings a wealth of business acumen, experience and a background in journalism to the table. But what does the Small Business Commissioner do and how can it help with commercial debt recovery? We explore Liz Barclay’s appointment and the SBC in more detail right here.
What does the SBC do?
Research from the Federation of Small Businesses in 2020 estimated that late payments force more than 50,000 businesses to close each year and costs the UK economy over £2bn each year. The SBC was created as a support for businesses with issues surrounding late or unpaid invoices. They look at complaints from small businesses and help support and educate them to improve their current payment practices and credit control procedures.
The SBC has a team of caseworkers who are able to investigate complaints on behalf of an organisation and escalate this with the business that has fallen foul of poor payment practices. The SBC is then able to provide recommendations for how the business should proceed. They are also able to provide advice on contracts and terms and conditions to ensure that businesses understand what they are agreeing to.
They provide clear and concise advice for small businesses who are experiencing late payments, laying out the steps that can be taken to rectify the situation and there is also a useful payment calculator that helps to determine how much interest can be added to an unpaid invoice. The entire SBC service is impartial, independent and free to use.
How can that help my organisation?
If you are an SME struggling with late payments then the SBC can advise on how to successfully recover any monies owed to your business. This might be instructing a commercial debt recovery agency like us. We are able to engage with your debtors and attempt to collect and late or missed payments and give you back the time to focus on your business instead of chasing customers.
Who is the new Small Business Commissioner?
Liz Barclay will become the new Small Business Commissioner later this year in June and comes from a background of broadcasting and writing. Liz’s early career was within the Citizens’ Advice Bureau. Liz is an ambassador for Money Trust Advice and Business Debtline and helps business boards to improve their governance, trust, culture and diversity. Liz is also a business author and coach, working to help business owners with their communication.
Liz said of her appointment, “We need a real culture change around business payments in the UK to take pressure off our phenomenal entrepreneurs. People who have already delivered goods and services have to be able to turn their attention to their next client and next order rather than chasing up late payments and worrying about their cashflow. I know from personal experience how damaging that can be to mental and emotional health.
“By working with businesses and ensuring their concerns are listened to I hope to be able to deliver a payment regime that keeps cash flowing and works for everyone”.
If you need help with late or unpaid invoices, our experts have a proven track record in professionally and efficiently using all of the tools and techniques at their disposal to recover any debts owed to your business, enabling an immediate improvement in the cash flow of your business and taking away the stress from you. We operate on a no collection, no fee basis so you have nothing to lose. Call us today: 0800 009 6106