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You are here: Home » Archives for late payer

late payer

12 Steps to getting paidDealing with late payment can be tricky for small and medium sized businesses. Handle it wrong and a customer could be lost, ignore the issue and it can stifle business growth, have a huge impact on cash flow and even cause a company to go bust.

Staggering figures published in a government paper, revealed that small businesses spend around 130 hours a year chasing late payments, equating to an average cost of £1,500 per business.

The problem is endemic with two thirds of SMEs suffering according to research by the IOD, but follow this 12-Step plan and you’ll be able to minimise the damage late payment causes your business.

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You see County Court Judgments, or CCJs, mentioned on debt-related adverts all the time, but what are they, and how do you enforce one?
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There has been much talk recently about freelancers and contractors struggling to get their invoices paid by the agencies or end clients.

With the credit crunch hitting cash flows hard, the bigger companies are often guilty of extending credit terms without your say so. If, firstly, the client delays in paying the agency and then they delay in paying you, it’s added weeks on to money that would be better off in your bank.

So what can be done about it?
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