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|Applications open for the Small Business Commissioner role, but is it too late?|
|Tuesday, 14 February 2017|
Aamar Aslam, CEO of invoice trading platform Funding Invoice, comments on the government’s search for a Small Business Commissioner to tackle late payments.
“The Small Business Commissioner was first announced by the government as part of the Enterprise Bill in May 2015, yet applications have only just opened. Although this is a step in the right direction, there is still a lot that needs to be done to tackle the problem of late payments in this country. The 'Duty to Report' on payment practices for large companies coming in from April this year is another positive move, but it will still take time for the smaller businesses in the supply chain to feel the benefits.
It may be months, or even years before the Small Business Commissioner steps into their role; in the meantime, 50,000 small businesses become insolvent every year due to cashflow problems. Businesses therefore must consider all forms of financial support and advice to stay afloat in these uncertain times."
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