I regularly get asked the question “What do I do with xyz company to make sure I get paid, they owe me $$$, and it’s way overdue?”.
I also have situations where clients don’t pay me on time, and I understand the time and emotional costs in chasing up the payment not to mention the potentially disastrous impact it has on your cash flow and ability to pay the bills. While the Australian Small Business and Family Enterprise Ombudsman has been working hard to get Small Businesses paid faster by large corporations, it’s still up to you when you’re selling to Small Businesses.
These three key areas will make a big difference to your outstanding invoices.
When we apply for credit with our suppliers, the chances are we’ve had to fill in an application form with details of our financial viability, references and possibly provide a directors personal guarantee.
We need to apply this same...