There are many reasons why debt is bad for business. One of which that is rarely considered is the negative impact it has on the company workforce mental health. Here are some of the key findings from a study commissioned by engineering services bodies ECA and BESA, identifing mental health issues in SME staff due to late or unfair payments practices.
If you are struggling with bad debt and not sure where to turn, we have numerous tools on our site to help you with this including our Free Ledger Review & Advice | Send your debtor a collection letter from us | A Guide To Construction Debt
You can also continue down this page to view our Top Tips to avoid Bad Debt!
Be clear and concise from the outset, ensure your quote/agreement doesn’t give the customer any wiggle room!
Simple, do the work well and you cant go wrong
If you have had to deliver any work over and above your quote then make sure its approved before invoicing
Make sure your get your work checked and signed off.
Get your invoice approved!
Make sure you instruct the client as to when you are expecting payment to be made
Chase the client the week before it’s due to ensure there are no problems
Give the client a polite email the day before, just checking payment will be made.
Send the client an acknowledgement of payment on receipt
We, CRS, are a specialist construction debt recovery agency, have set up a dedicated “Help Desk” to help provide small contractors and sub-contractors with Free Construction Debt Advice, deal with the underhand tricks of your employers QSs. We will give you one Free Hours worth of advice and at the end of this we will know exactly where you stand. If you would like us to take a free, no obligation look at your debt, simply leave your details below: