The Timely Payment Commitment movement’s main purpose is to counteract the trend of paying suppliers after the due date in Portugal. This is a very bad habit that is deeply rooted in the Portuguese business culture. It causes enormous instability in companies, unpredictability in terms of bills being paid, an excessive allocation of time to receive payments and huge cash-flow problems.
According to recent data from the AIP Foundation, the figures are shocking and may have unforeseen consequences. The “Risk Index” calculated by Intrum Justitia indicates that 75% of Portuguese companies have problems with late payments. A principle that remains a primary concern and can become a serious threat to the survival of businesses.
SMARTIDIOM actively adopts methods and working processes, and in adding best practices in the translation industry, and could not be left out from this movement. The Portuguese business mentality has to change for the national economy to become competitive, sustainable and to generate wealth.
The long-lasting, prompt and permanent transformation that is sought will only be achieved if every entrepreneur of every business joins this movement, although it is likely that if a considerable number of companies join, we will gather enough momentum to change the delay in payments to suppliers from being harmful and destructive to being a legitimised exception.
SMARTIDIOM appeals to all their clients, suppliers and friends to join this cause. Everyone needs to take action for Portugal to change. Together we can reverse this trend, for a richer, fairer, more supportive and more competitive nation.
To learn more about this cause, please refer to the Timely Payment Commitment movement website at http://www.ver.pt/compromisso-pagamento-pontual/.
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