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Better payment helps build a better business
 
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Better Payment
Better payment helps build a better business
What's the Point? Living Proof How to do it
How to get started in a small way
  • Have a top management policy on prompt payment of bills. Ensure that all staff are aware of it - especially but not only those in finance and purchasing.
  • Agree terms of payment at the start of all contracts.
  • Monitor your payment system regularly for timely payment.
  • Have a good system for clearing disputes quickly.
  • Foster good relationships with suppliers by informing them of your payment procedures and who is responsible.
  • Promote healthy cash flow in both directions with efficient collection for your own sales.
Who can help you to go further?

National help

The Better Payment Practice Group provide comprehensive free information on their website. It gives everything you need to know about ensuring you pay and get paid on time and you can learn more about the competitive advantage you can gain from the Better Payment Practice Code. Details can be found on: www.payontime.co.uk. 

The Institute of Credit Management (ICM) is the professional body representingthe interests of people in all sectors of credit management. The ICM worksthrough a network of 26 branches nationwide. It can help you learn more aboutcredit management and the techniques that will help you pay and get paid ontime. Details can be found on: www.icm.org.uk. 

Local help

Check with your local Business Link for advice on payment issues and other aspects of running a business that people value. Details at www.businesslink.gov.uk (England), www.bgateway.com (Scotland), www.businesseye.co.uk (Wales) www.investni.com (Northern Ireland).

 
It's Common Sense

 

This briefing paper is one of a series of individual +points that make up The Journey - a route map designed to help you build a business that people value. It doesn't have to be complicated or time-consuming. It's basically common sense. It's about doing what's right for your business.
Download the how-to guide in Full
Each 'How-To' briefing is available in pdf or word formats. To read the PDF document with a screen reader please link to the Access Adobe website which provides useful tools and resources. Adobe also has a free online conversion tool for PDFs.
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The Practice Journey
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