NNBN managing director Simon Cox with Liz Barclay, the Small Business Commissioner, and NNBN's Fair Payment Code gold award.
MEMBERSHIP organisation NNBN has received a Fair Payment Code gold award for adhering to best payment practices.
NNBN applied for the code to support the work of the Office of the Small Business Commissioner in promoting and showing its own commitment to fair payment practices.
As a micro business, NNBN understands the importance of cashflow and being paid on time, said managing director Simon Cox. The group is keen to ensure businesses across the county are aware of the FPC.
Launched in December, the Fair Payment Code is managed by the Office of the Small Business Commissioner on behalf of the Department for Business and Trade. Its tiered system of awards aims to reward best practice and improvements in payment performance.
“By paying on time, we have stronger relationships with our suppliers and those we work with,” said Simon. “We set out on our business journey to ensure suppliers are paid within terms and often on order and work within our cashflow, meaning we have ethical business practices in place for when it comes to payment and cashflow.”
Gold awardees pay at least 95% of all invoices within 30 days and agree to abide by the Code’s principles of being ‘Clear, Fair and Collaborative’ with their suppliers.
Liz Barclay, the Small Business Commissioner, said: “Everyone benefits when suppliers are paid quickly and fairly and thrive. Embedding a culture of fair payment practices in your business is good for your own bottom line as well as for the economy, communities and wider society.”
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