Profit Impact leads the way, winning prestigious UK Government backed Gold Award

At Profit Impact, we’re proud to have been recognised by the Fair Payment Code (FPC) for our commitment to paying suppliers on time. The FPC awards businesses based on their payment practices, with Gold status for paying 95% of all invoices within 30 days, Silver for achieving this specifically with small business suppliers (while paying others within 60 days), and Bronze for paying 95% of invoices to all suppliers regardless of size.

We aimed for this recognition to demonstrate our deep respect for our suppliers. When businesses honour payment terms, they give suppliers the confidence and peace of mind to manage their commitments. This isn’t just good practice - it’s essential for building a resilient and collaborative business ecosystem.

I’ve experienced workplaces where paying suppliers on time wasn’t a priority, and it never sat right with me. I remember the discomfort of seeing suppliers express almost overwhelming gratitude just for receiving what they are rightfully owed. No supplier should have to feel that way. Fair payment is about respect, integrity, and creating a win-win environment where everyone thrives.

We’re in great company, too. Fellow B Corps like Optix Solutions and Learning Age Solutions (LAS) were also honoured, alongside major organisations like Schroders, Lloyds, Sodexo, and Starling Bank, which all achieved Gold status. These businesses are setting the standard and proving that responsible payment practices are not just possible but powerful.

Timely payments aren’t just a financial transaction; they’re the lifeblood of business. Late payments disrupt supply chains, erode trust, and have significant consequences for business owners, employees, and the broader economy. For many small business owners, the stress of chasing unpaid invoices and managing payroll impacts mental well-being, 61% of them report that financial worries, particularly late payments, affect their mental health. It’s not just small businesses that feel the strain; even large companies face challenges when their key suppliers struggle.

The good news is that the solution is straightforward. Establishing robust financial processes, clear payment terms, automated invoicing, and effective supplier onboarding can transform payment performance. By tracking metrics and continuously improving, businesses can ensure that paying suppliers on time becomes the norm, not the exception.

For business leaders, this is an opportunity to lead by example. Making fair payment practices a priority isn’t just the right thing to do; it’s smart business. Strong supplier relationships, smooth supply chains, and a stellar reputation are just some rewards.

Every decision we make at Profit Impact considers the impact on all our stakeholders. We are committed to paying our suppliers on time and helping them manage their finances and thrive. Just as we honour our commitments, we encourage our customers to do the same, and they do. It’s a genuine community effort, and I couldn’t be prouder of our work together to strengthen the economy.

For more information about the Fair Payment Code, visit https://www.smallbusinesscommissioner.gov.uk/fpc/ or email me at sarah@profit-impact.co.uk. 

Let’s keep building a fairer, stronger business world together.