Small businesses, this one’s for you! Explore the reforms designed to level the playing field for SMEs and VCSEs.

Small businesses, this one’s for you! Explore the reforms designed to level the playing field for SMEs and VCSEs.

•    30-Day Payment Terms: Faster payments improve cash flow for small businesses.

•    No Pre-Award Insurance Requirements: Removing unnecessary barriers helps SMEs compete.

•    Enhanced Visibility of Opportunities: Tools like the Central Digital Platform simplify access.

The Procurement Act 2023 is a game-changer for SMEs and VCSEs, offering unprecedented support and opportunities to thrive in public procurement. Historically, smaller businesses have faced challenges like complex bidding processes, delayed payments, and limited visibility of opportunities. 

The Act addresses these issues head-on by mandating 30-day payment terms across supply chains, ensuring healthier cash flow for small businesses. Additionally, removing pre-award insurance requirements levels the playing field, allowing SMEs to compete without unnecessary financial burdens. 

For VCSEs, the emphasis on social value and inclusivity provides a unique advantage, as public sector buyers increasingly prioritise suppliers aligned with broader societal goals. By reducing barriers and promoting accessibility, the Procurement Act empowers smaller businesses to engage more effectively with the public sector, fostering innovation and diversity in procurement outcomes.

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