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According to EY, SMEs makeup 99% of all UK private companies and 60% of the workforce, totalling 5.5M in number at the end of 2018. They also contribute £6.5bn in revenue to the UK economy. McKinsey estimate that as much as 74% of an SME’s time is spent on non-core activities, defined as anything that does not relate to revenue generation or product/service delivery.
These people and businesses are what keep nations running. The inefficiencies within their financial systems – which we in financial services have the power to fix – impact our economies. And they deserve better. This Campfire focuses on what banks and other financial institutions can do to solve some of the biggest challenges they face, including late payments. Hint: It’s going to take honest conversations and open minds to make a change.
Guest Host:
- David Bannister
Speakers:
- Robert Downes – GM Development Manager at Federation of Small Businesses (FSB)
- Catherine Douglas – Managing Director, SME at The Co-operative Bank plc
- Mark Hartley – Founder & CEO at BankiFi
- Anne Lambelin – Director at Empty Plates
- Liz Barclay – Small Business Commissioner
Solving late payments for small businesses
Smaller companies being paid late by larger ones is a global issue, one often ignored in a world dominated by the louder, bigger voices of big business. But the little guys are the backbone of any economy, a point severely underscored during the pandemic. And on average it takes them 71 days to collect an invoice on 30-day payment terms. 15 days a year doing admin outside of working hours. The average value of each late payment is over £6K; ending late payments could save tens of thousands of businesses per year. The situation has been worsened due to COVID, with unpaid invoices or cancelled Direct Debits topping 40% in some sectors. This practical session explores new paths forward for SMEs, and how financial services can facilitate a new way of working.
Speakers:
- Robert Downes – GM Development Manager at Federation of Small Businesses (FSB)
- Anne Lambelin – Director at Empty Plates
- Liz Barclay – Small Business Commissioner
The banking response to solving SME finance challenges
SMEs could sometimes feel left out in the cold by banks and other financial institutions on matters of financial inclusion and support. IPSOS Mori data outlines the reluctance for SMEs to use bank products includes discouragement by the bank (47%), an assumption they would be turned down (30%) and the hassle and expense of the process (29%). The appreciation of this issue already exists within banks, but now is the time to deliver real solutions and act. What does that look like? Join this panel as they explore the new world of banking for small businesses.
Speakers:
- Catherine Douglas – Managing Director, SME at The Co-operative Bank plc
- Mark Hartley – Founder & CEO at BankiFi
