Lion is committed to fostering strong supplier relationships based on mutual trust and respect. That’s why we were proud to be one of the first signatories to the Australian Supplier Payment Code, which now has the support of around 50 major Australian businesses.
The Code is an important step towards improving transparency and trust with members of the small business community and we were happy to be of the first businesses to begin implementing the Code, a year ahead of schedule.
“Thank you for your bold decision, which will be a huge help to us. I hope others follow your example.” Tarun Patel, Managing Director, Technotrix Pty Ltd
The voluntary Code commits us to:
1. Pay small suppliers within 30 days of receipt of a valid invoice
2. Pay all suppliers on time
3. Support small suppliers to implement new technologies that make the invoicing and payment process faster and more efficient
On 1 January 2018, we rolled out 30 day payment terms to all Lion eligible suppliers, not just small suppliers, across both Australia and New Zealand. Paying suppliers on time – in particular smaller suppliers – is critical not only to our suppliers’ businesses, but also to enduring and mutually beneficial commercial relationships.
We’re committed to driving positive change in the communities in which we operate, and we believe that the Code is an important step towards achieving that.
“My sincere thanks for voluntarily implementing the Australian Supplier Payment Code. Lion (Dairy Farmers back then) were our first major client and instrumental in our growth and success as a small business. I hope Lion’s lead in this case encourages other businesses to adopt the code and understand the benefits of allowing small businesses to expand. Thank you for your foresight and courage in pushing this forward.” Todd Brennan, CEO, Forkpro Australia