9 Tactics for Getting Paid On Time by Your Big Customers
Landing a contract with a big company is the stuff of dreams for many Small Business owners. At long last, there is a regular income from a big customer, and there is usually a quantum leap in turnover to go with it.
What’s not to like?
But there are several things to be aware of, and common traps to avoid. Heeding these can save you a world of pain down the track – not to mention a whole bunch of cash.
Specifically, you will have to give some real consideration to the effect on your cash flow, and we all know that cash flow is one of the most critical issues for Small Business.
For the most part, big organisations are good at paying their bills, and default rates are very small. If the work is going along nicely as per the contract, and you have mastered their invoicing process, all will be well and you will get your payment on time. Or at least 99% of the time anyway.