Late payments of invoices cause far greater disruption to SMEs than for larger companies, which have more contingency capital to draw from. Profits, growth and even the continued existence of an SME are all potentially at risk. Despite this, findings have shown that few SMEs use formal procedures to deal with late payments, instead accepting them as inevitable problems associated with running a business.
Graydon are one of the top five credit risk and credit management providers in the UK. They give their clients access to credit information for companies in more than 190 countries, to help assess the risk of doing business with them.
Weber Shandwick’s aim was to highlight Graydon’s work helping SMEs manage credit risks by both raising awareness of this issue and establishing Graydon as a thought leader. Coverage would alert SMEs to the solutions available to them, and hopefully encourage future legislation to tackle this issue head on.
Graydon teamed up with the Forum for Private Business (FPB), a support organisation committed to helping small businesses become more profitable. They offer advice on business opportunities, reducing costs, dealing with legislation and increasing overall efficiency.
Graydon commission a survey of 500 UK small business leaders asking about their experiences with late payments. The survey revealed:
Following the results, Graydon hosted a House of Commons summit for government and business representatives to address the issue. Alongside the FPB were representatives from the department of Business, Innovation and Skills (BIS), the Labour Party, the Institute of Credit Management (ICM), the Association of Certified, Chartered Accountants (ACCA) and Lloyds TSB Business
The findings of the survey and the summit gained over 75 pieces of coverage in the UK including articles in the Financial Times, Telegraph and Daily Mail.
Presenting these findings to key decision-makers had the potential to create positive changes that can reduce the impact of this issue, and to build Graydon’s profile to other thought leaders on the issue.
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