Sole traders across the country are sharing the same challenge: getting paid by customers on time. So much so, they’re taking a financial hit with one in four (24%) giving up on chasing a customer’s payment altogether and more (30%) ending their working relationship with a customer altogether as they’re fed up of consistent late payments.
With cash flow such a crucial part of running a business and staying afloat, missing out on more than £200 a month due to late payments has a big impact on sole traders’ finances – especially as this amount is the equivalent of a fifth of average monthly income.
To help sole traders tackle their customer payments, we offer the following tips:
- Refresh your T&Cs
- Re-trace your records
- Reminders can pay off
- Build your network
- Re-think the ‘dash for cash’
By Neil Aitken, Communications Manager at Paym