Do you recognise this situation? You’re flat out dealing with customers, getting the job done on time, when you get a call from one of your suppliers. You’re 45 days overdue with their invoice and they’re refusing to supply the goods you need to complete your jobs or sell to customers until you pay the outstanding amount.
You tell the supplier “as soon as I can get my customers to pay, I’ll pay you” and with that, you either head over to your accounts staff and ask them what the hold up is, or you jump on the phone and ring a handful of customers with large outstanding accounts.
If this is all too familiar, the good news is, you’re not alone. Most businesses don’t have a reliable system for ensuring they are paid on time – and in full.
The even better news is that there’s a way to avoid this kind of situation from occurring time and time again. Fill out to the form below to download our free eBook ‘How To Get Your Customers To Pay On Time’ and learn how to avoid negative cash flow in your business.
Photo by Melissa Walker Horn on Unsplash