Why your marketing is like a heart attack waiting to happen

Why your marketing is like a heart attack waiting to happen

By | Credit Control, Debt Recovery, Late Payment, Small Business | No Comments
I speak to many business owners whose cash flow is stretched to the limit. The cause is usually slow paying clients and they’re reluctant to take action against them. Their solution is to trade their way out their late payment problem, to focus on their marketing and winning new business.

But this strategy rarely works and in most cases it makes the situation worse. Read More

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Lawyers abolished to speed up justice and end late payments

By | Debt Recovery, Late Payment, Small Business | No Comments

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

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The 5 keys to unlocking more cash in your business

By | Debt Recovery, Late Payment, Small Business | One Comment
We’ve all heard the saying “Cash is king, profit is sanity and turnover is vanity”, but have you ever stopped to really think about what this means?

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

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How to avoid a cash flow crisis during the holiday season

By | Credit Control, Debt Recovery, Late Payment, Small Business | No Comments

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

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You’re too polite and it’s costing your business a fortune!

By | Debt Recovery, Late Payment, Small Business | No Comments

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

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Why you can’t trade your way out of a late payment problem

By | Debt Recovery, Late Payment, Small Business | No Comments

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

Balance of power in supplier client relationships

How to tip the balance of power in your favour in supplier – client payment disputes

By | Debt Recovery, Late Payment, Small Business | No Comments

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

New legislation will have no effect on late payments

Why new legislation is not going to solve the late payment problem

By | Debt Recovery, Late Payment, Legal Updates, Small Business | No Comments

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.

Read More

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The 1 New Year’s resolution every business owner should make – and how to stick to it

By | Credit Control, Debt Recovery, Late Payment, Small Business | No Comments

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