Financial Management
I have had discussions with a couple of business owners recently about their troubles with getting paid for work completed. It is often an issue towards the end of larger projects, but not always.  Have you had the same trouble at times? You do the work to the required standard, or better, but the client still seems to have an excuse not to pay you. Frustrating, isn’t it?
The law may be on your side, but the cost and hassle to exercise your legal rights sometimes seems more trouble than it’s worth. Some clients know this and use this to their advantage.
So, how can you avoid this problem….short of using the Hells Angels as your credit control department.
As the old saying goes, “An ounce of prevention is worth a pound of cure”. In credit control terms this means that extra time spent prior to any work starting on establishing a clear understanding what the terms of payment are, along with the scope of the job and any other terms and conditions, will reduce the likelihood of payment disputes considerably. Also, what are the consequences of a client not sticking to the agreed payment terms, eg. any legal or collection costs will be paid by the client.
It is never a nice subject to discuss, however it is infinitely better to deal with this issue while everyone is on good terms, than late in the process when relations are perhaps already strained.


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