With late payments common in the construction industry, it’s no surprise that sub-contractors can sometimes bear the brunt of an ongoing cash flow issue.

Being further along the contracting chain sub-contractors are affected by late payments and poor cash flow and can be left waiting longer than anticipated to receive the money that they are owed.
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In terms of cash flow management, prevention is often better than cure. By regularly assessing your finances and conducting frequent cash flow forecasts, you can plan ahead and act upon any issues before they cause problems.

If you find yourself in this situation, there are things that you can do to soften the blow and prevent problems from arising.

Cash flow management

Before you can improve things, you need to get to know your finances like the back of your hand. Examine every payment you make and look out for any imbalances where cash is leaving unnecessarily early before you receive the funds you need.

Prompt & accurate Billing

Ensure that you understand the procedural elements of the contract and the timings of the billing process.  Make sure that every bill includes all of the information required by the customer along with an accurate value which bill you are expecting to be paid.

Release value tied up in unpaid billing

Sometimes businesses can find themselves struggling to tackle unpaid customer billing despite plenty of forward planning. When this happens, a finance solution such as our Construction Finance may be able to give some relief by helping to unlock the capital tied up uncertified applications for payment or staged invoices.

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