Vistage Partners with U.S. Chamber of Commerce on New National Prompt Pay Initiative
Prompt Pay Pledge calls for quicker payments to ensure small suppliers’ economic success
SAN DIEGO (May 2, 2023) — Timed to National Small Business Week, Vistage today joins the U.S. Chamber of Commerce to call on large companies to commit to paying their small business suppliers more quickly, in an aim to help America’s small businesses better manage capital and maintain a healthier cash flow.
Vistage, the world’s largest executive coaching organization for small and midsize businesses, lends its support to the U.S. Chamber’s Prompt Pay Pledge, advocating for companies to pay their small business suppliers more quickly and/or offer private financing options, as well as to always clearly communicate payment terms. The Prompt Pay Pledge kicks off a national initiative to encourage large businesses to do their part in ensuring economic success for businesses of all sizes, and educate small business owners on how to establish and advocate for clear payment terms.
“We are honored to partner with the U.S. Chamber on this crucial initiative that will help leaders run healthier businesses and fuel their local economies,” said Vistage CEO Sam Reese. “With more than 45,000 Vistage members across the globe, Vistage has a unique vantage point into SMB CEO challenges. This partnership with the Chamber of Commerce showcases our commitment to advocating for small businesses as the lifeblood of their local communities and the engines of economies around the world. We see the vital importance of helping to remove barriers for small businesses so leaders can continue to make great decisions that benefit their companies, families and communities. The Prompt Pay Pledge is a win-win for American business.”
When large businesses pay small business suppliers faster, it strengthens their supply chain by keeping their suppliers’ cash flow healthier. Healthy suppliers are in turn able to make improvements like increased shipping speeds and better materials and products—benefitting large companies in the long run and avoiding suppliers from going bankrupt mid-contract.
“Our economy is an ecosystem, where large businesses depend on small businesses and vice versa—and those supplier networks support jobs and communities across the country,” said Suzanne P. Clark, President and CEO of the U.S. Chamber of Commerce. “Our nation’s economic strength relies on the small suppliers whose hard work and entrepreneurial spirit keep supply chains functioning across every industry. We owe it to them to ensure they are paid promptly so they can invest, grow, and lift the entire economic ecosystem along with them.”
The average company has 3,000 suppliers per $1 billion in spend, according to research by The Hackett Group. Small businesses make up 99.9% of all U.S. firms, and trillions of dollars are exchanged between large businesses and small businesses every year.
Companies interested in signing the Prompt Pay Pledge can learn more and take the pledge here.
About Vistage Worldwide, Inc.
Vistage is the world’s largest CEO coaching and peer advisory organization for small and midsize businesses. For more than 65 years, we’ve been helping CEOs, business owners and key executives solve their greatest challenges through confidential peer groups and one-to-one executive coaching sessions. Today, more than 45,000 members in 35 countries rely on Vistage to help make better decisions for their companies, families and communities. The results prove it: Vistage CEO members grew their annual revenue on average by 4.6% in 2020, while nonmembers with comparable small and midsize businesses saw revenue decrease by 4.7%, according to a study of Dun & Bradstreet data. Learn more at vistage.com.
Katie McWeeney | Vistage
858.523.6875 | email@example.com