The Brooklyn Brothers
Wed, 26 Jan 2022 10:20:12 GMT
The Brooklyn Brothers, an earned advertising agency has been awarded the Good Business Pays ‘Fast Payer Award’, which recognises large companies that have demonstrated excellent payment practice to their suppliers over the past year.
Analysis of the latest information submitted under the Duty to Report Regulation, shows that The Brooklyn Brothers takes on average 17 days to pay its small suppliers, with 95% of invoices settled within the agreed terms. The Brooklyn Brothers joins the likes of Michael Page; United Utilities Water; Aviva and Severn Trent Water who were the first to receive the award in October 2021.
The Good Business Pays ‘Fast Payer Award’ was established in 2021 to recognise businesses that pay at least 95% of their invoices on time and within 30 days or less - in line with the government’s guidelines in the Prompt Payment Code - consistently over the last 12 months.
Jackie Stevenson, founder & global CEO at The Brooklyn Brothers commented: “The companies we work with our an extension of our team - we wouldn’t dream of paying our team late, nor would we do that to our suppliers. Cash flow is the life blood of any business so we’re delighted to have been recognised by the Good Business Pay’s awards and hope more companies will join us and our fellow award winners in promoting this business fundamental.”
Unfortunately late payments continue to undermine small business growth in the UK. In fact, the Federation of Small Businesses estimates nearly half a million UK small businesses are under threat of closing down because of poor payment practice by their customers. As a result, the Good Business Pays campaign is calling on business leaders to speed up their payments and re-evaluate their standard terms to ensure smaller suppliers are paid when they need it the most.
Terry Corby, chair of the Good Business Pays campaign commented: “I’m delighted to be awarding The Brooklyn Brothers with the Good Business Pays Fast Payer award. The award recognises the big businesses that are supporting their small suppliers by making responsible payment practises a business priority.
“Unfortunately there is still a way to go to make faster payments standard practice. We’d like business leaders to take note and start making changes to their payment practises by complying with the Prompt Payment Code, created to help protect small businesses. Paying invoices faster has never been easier with technology enabled systems available, so there really is no excuse.”
Backed by Federation of Small Businesses, the CBI, manufacturers group Make UK, the BCC, IoD and the Creative Industries Federation, the Good Business Pays movement was launched in May 2021 to encourage the UK's largest companies to fast track payments to small suppliers, helping them bounce back and inject vital capital into the economy.
A study carried out by the Centre for Economics and Business Research (CEBR) in 2021 estimated that if small businesses invoices were paid on the day they were submitted, their revenues would increase by over £40bn per year. This could provide a significant income boost for small businesses, helping them play a stronger role in the UK’s economic recovery.
To find out more about the Good Business Pays principles, pledge support for the campaign and explore the CEBR study, visit goodbusinesspays.com.view more - Awards and EventsThe Brooklyn Brothers, Wed, 26 Jan 2022 10:20:12 GMT