But this strategy rarely works and in most cases it makes the situation worse. Read More
Before you all jump for joy at this headline, it’s nearly 21 October 2015 – Back to the Future Day. This is the day when Marty McFly went back to the future to stop his son from ending up in prison for the robbery of the Hill Valley Payroll Substation.
According to the film, lawyers were abolished to make way for a data-court which saw Marty McFly Jr arrested, tried and sentenced all within 2 hours.
So, as we approach the real 21 October 2015 lawyers haven’t been abolished … yet. Read More
When I ask entrepreneurs what success in business means to them, the answers I receive are usually along the lines of “to make as much profit as possible.”
I often cringe when I hear this because it usually means they’re focusing on the wrong thing and consequently are in line to join the 55% of small businesses that don’t survive their first five years. Read More
Most of us love holidays and look forward to them each year. However, if you’re a small business owner and you’re not prepared, the holiday season can be a nightmare that you dread.
The holiday season affects different businesses in different ways, but the end result is usually an increased strain on cash flow that can take months to recover from. In extreme situations, it can be the final straw that forces a business to close. Read More
I read an article recently which gave some alarming statistics about how the fear of being seen as rude is stopping us from managing difficult situations at work and as a result this fear is costing our businesses money. For example, 20% of people surveyed admitted not challenging an employee over a fraudulent expenses claim.
The same article revealed a similar situation when it came to late payments with 25% of people admitting to not challenging clients over an unpaid invoice!
But is this really a case of people not wanting to be seen as rude? Read More
Listening to the Queen’s Speech 2015, I was interested to hear about the government’s plans to help small business, particularly when it comes to dealing with late payments. Sadly, but perhaps not surprisingly, I didn’t hear anything that’s going to help more small businesses get paid on time. Read More
When talking about their late payment problems, I often hear people saying that the quickest and easiest way to deal with unpaid invoices is to write them off and focus their efforts on winning new business.
For just the one unpaid invoice here and there, you may get away with this for a while, but this isn’t a strategy you can rely on. In fact, it’s a sure way to compound your problems and leave your business in real difficulties. Read More
Relationships form the foundations of your business and in order to succeed you need to nurture and strengthen them.
In this blog, I’m going to take a closer look at the relationship between a supplier and a client because, as a solicitor, I become involved in many disputes when this relationship breaks down.
Often the dispute is over money, particularly when payments from the client are late, but what I’ve found is there’s usually a deeper, underlying problem that causes the breakdown in the relationship. Read More
As the Small Business, Enterprise and Employment Bill 2014-15 progresses through Parliament, concerns are growing that this new legislation will have little, if any effect on this country’s growing late payment problem.
By now, we all know the statistics:
- 60% of small businesses are affected by late payments;
- £38,000 in unpaid invoices are owed, on average, to each business;
- £40billion is the total amount outstanding in the UK; and
- 20% of all business failures are due to late payments.
New Year is often a time for reflection. A time for setting goals for the coming year. We’re now a week into the New Year and back at work, but for most of us the traditional get fit, lose weight resolutions are already on rocky ground. Within a month, approximately 90% of them will have failed.
But what about your business goals?
Did you set any resolutions for your business for the coming year?
If you haven’t you should – and there’s one resolution you should make for your business which could mean the difference between its life and death – it’s that important.
That resolution is to get paid faster. Read More