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.