Sometimes business feels a lot like fighting a dragon.
And for anyone in the construction industry this is particularly true.
Do you know that ¼ out of all insolvencies come from the construction industry?
One of the risks of insolvency arises from issues of delayed or non-payment.
It comes down to that all-important cash flow.
In this video, I ask two simple, yet complex questions,
- Do you want to get paid quicker?
- Do you want to make sure you get paid?
Nothing eats into cash flow quite like bad debtors. The trickle-down effect of delayed payments can be the difference between staying open and closing your doors.
Making sure you get paid is about creating good habits and developing good systems. And if you want your business to succeed it’s often the small things that make a big difference.
The Broken Windows Theory is an example of how small things make significant change. The theory is that in neighbourhoods with broken windows, it’s more likely that there’ll be crime and other social issues. And, the argument is that civic pride has a trickle down effect.
Hence the simplest way to address social issues is to address the small things.
Fix the windows.
Once you fix the windows you’ll notice big differences.
Getting paid is about fixing the small things.
- Face the dragon and be relentless. You don’t get what you want if you don’t ask.
- Persistence is key. Don’t give up when it comes to asking for money.
- Communicate the message that you’re organised and efficient. Hence, non-payment or delayed payments don’t go unnoticed.
- Don’t accept no for an answer. If you’re renowned for being the person who doesn’t accept no for an answer, then you get precedence.
Push overs are easy targets for non-payment. And you’ll just push yourself to the back of the queue.
You’re due to be paid when you’re due to be paid. This is non-negotiable, so be assertive.
Delays from their end, excuses about pay runs etc. are their problem, not yours.
- Learn to be assertive from the get go. These are not lessons that can wait. You need to be vigilant from the outset, and be on top of when you’re not paid.
- Develop processes for non-payment that everyone in your business is aware of. Everyone in your business should know the strategy for dealing with payment. The steps need to be consistent and applied by everyone.
Business needn’t be harder than it needs to be. We’re here to provide you with tips and strategies, and we guarantee results when it comes to contracts.
For more information click the link: https://quantumcs.co/guaranteearticle
