Its that well worn topic cashflow again – our last one for a while.
Having the right legal documents in place is another factor to consider. Contracts that include clear payment terms will give businesses some legal weight behind them but you must be prepared to adhere to it – if no one is willing to follow it through then it becomes redundant.
Clearly the priority should be to try and broach the issue of payment in a non-confrontational manner long before it gets to the point of needing to threaten legal action but sending a seven day letter to the accounts department to help focus their attention on how serious you are about getting paid is invaluable but make sure it includes some red ink.
There are many more ways of reducing the pain of collecting the cash – we hope you will share your thoughts by commenting on this blog and sharing it with others.
