Could the UK's late payment issues inspire firms to use facilities management cost reduction process?
June 29th 15:46 Cost Management
A number of UK businesses are struggling with late payments for goods and services supplied to bigger firms, according to a new report.
Recently-published figures from the Forum of Private Businesses (FPB) have shown that 18 per cent of companies believe the problem is getting worse.
The publication of the study coincides with technology giant Dell extending its standard payment policy from 50 to 65 days.
This could lead to a number of firms looking to facilities management to keep costs down and improve cashflow, as the FPB report showed that 36 per cent of a small business' turnover is held up in late payments at any one time.
Dell has now been added to the FPB's late payment Hall of Shame along with Carlsberg, Argos and United Biscuits.
Phil McCabe, a spokesman for the organisation, said: "Small businesses continue to suffer from the blight of late payment, which devastates cashflow and forces firms into administration.
"Companies like Dell have a responsibility to pay promptly – failure to do so can mean the whole supply chain seizes up. In the meantime we will continue to give small firms a voice by holding them to account publicly in our late payment Hall of Shame."
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