In the exciting, unpredictable world of self employment come days, weeks or even longer when little of interest to me, let alone the outside world, takes place. The week finishing today concludes such a time.
As months go the invoice finance world appears to have been a quiet one with overall feedback suggesting businesses are reluctant to commit to either new or different facilities. The range of facilities available is pretty extensive, from the historically conventional to the newer, innovative funding sources.
After last weeks rant about large businesses taking too long to pay their suppliers it was interesting to hear the CEO of Diageo on the BBC Radio 4 Today programme. Diageo had come under fire for extending terms to 90 Days; somehow their CEO managed to describe this as a ‘win/win’ position for both Diageo and their suppliers.
Ironically Diageo is a signatory to the Prompt Payment Code.
I’m sure suppliers whose cashflow is adversely affected by this unilateral move may struggle with the ‘win/win’ phrase. This culture of late paying will only change with continued pressure on those guilty, legislation would not work.
Next week hopefully will see an increase in activity, helped hopefully as some of the accountancy profession will re-surface after the self-assessment deadline.