Justin Tomlinson MP speaks on late payments to small businesses
In a speech in Parliament, Justin Tomlinson MP today highlighted the problems posed to small businesses by late payments. Speaking in a Westminster Hall debate, Justin raised the importance of business mentors teaching start-up businesses to manage cash flow.
As a previous small business owner, Justin Tomlinson MP said: “ A tip from my own experience is that one should talk regularly to customers and suppliers, because there are times when even good businesses will struggle because of the knock-on effect of some of their customers not paying. If others are aware that there are likely to be problems, everyone can plan accordingly.”
Justin Tomlinson MP also raised the role banks and the education system have to play. “The banks could provide training—or at least information on how to invoice and chase up late payments. I have often championed financial education in Parliament. I predominantly want to equip the next generation of consumers, but I also want to encourage entrepreneurial skills, and part of that is about basic accounting and ensuring that businesses understand how to invoice.”
Read the full speech at http://www.theyworkforyou.com/whall/?gid=2011-09-14a.273.1
Watch a video of the speech at http://www.parliamentlive.tv/Main/Player.aspx?meetingId=8993 (from 59 minutes)