Are late payments causing issues in your business?

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23 Oct Are late payments causing issues in your business?

Posted at 13:13h in Get organised by

One of my first ever jobs was in credit control.

I was in my early 20s and had to ring up people who hadn’t paid their mobile phone bill.

After being pretty terrified at first, I ended up really enjoying it, and it was a great experience that is still valuable to me now.

So, weirdly, I have a soft spot for credit control and chasing up late payments!

But, having had a couple of clients recently losing sleep over late payments in their business, it reminded me of how stressful this can be.

When you’re running a small business, even one late payment or default can be enough to push you into the red, especially if you still have to pay out your suppliers or contractors.

What can you do to avoid it?

Firstly, have a clear process defined and documented.

  • Including: when you will invoice, how you will invoice, what are the payment terms, how they can pay, when you will follow up, to when you may need to escalate to a debt collection specialist. (Thankfully, this last one is rarely needed with a robust process in place)
  • Secondly, follow the process, especially the follow up for late payment, as very often this will be down to an oversight.
  • Thirdly, don’t bury your head in the sand. If it is impacting your cashflow, reach out to get some support and guidance, quickly.

Thankfully, we were able to resolve my client’s late payment issues relatively quickly, enabling them to now worry about other things in their business!

Book in a free strategy call with me today and let’s talk about boosting your business and improving your cashflow.

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Alison Bradford

Based in Stone, Staffordshire, Alison Bradford is a business coach who works with smart, ambitious business owners to get clarity about how they can grow their business and increase profit.
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