Are you grappling with cash flow problems and struggling to communicate with creditors? If so, you're not alone, and the stress and worry can take a toll on your well-being. Here are some strategies tailored to help you address these issues:
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Managing a steady cashflow is never easy. With so many business attributes in abundance – it’s essential to have some sort of leverage to ensure your business gets paid. … and to deter would be non-payers. Here are 5 key reasons why the Late Payment of Commercial Debts and Interest Act 1998 (UK only) – ( The Act ) are crucial in getting your business debts paid. … and when and how you should use it. 1) Working Capital Many business owners think that generating Sales is enough to promote the overturn in your Balance Sheet credentials. However, by introducing
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Sitting in between my Clients; ‘Mrs’ on the left and ‘Mr’ on the right. Whilst talking, every so often ‘Mr’ would look over his shoulder, past the Mercedes on his driveway and out into the street. The same pattern would continue throughout through the meeting. Eventually I couldn’t help but agitatedly ask – “Why do you keep on doing that?” It turns out, it was all off the back of the advice I had given him days earlier. Here was a husband and wife team, with a substantive amount of business debts that had built up. If they were a
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Wow Air, Primera Air, Flybe, XL….. What do the above have in common? Well, they’re budget airline carriers who operate in a no-frills capacity. It’s estimated that around 30% of airlines who start to operate go bust within the first two to three years of trading. But why? Simply because of high operating costs, broken down primarily with large fuel costs and high end operating leases, wage bills leaving many of these airlines scraping the barrel of their overdraft. This article from the Independent showcases that if we, as consumers, aren’t careful, we too could get stuck in the middle
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What is a HCEO (High Court Enforcement Officer) and what do they do? Britain’s civil police force will, by any legal means necessary, enforce you to give up assets to pay for a CCJ, or a Judgment Debt. Often, this could have been avoided many days/months/weeks before. A few years back, I tweeted about the epidemic that was striking Britain, where Court Orders granted were unpaid. What some people forget is that many creditors will give the debtor (those at default on their Account with their Creditor) a chance to remedy their wrongs. They might do this through an abundance
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What keeps a lot of entrepreneurs and service providers from charging what they’re really worth? They don’t price their products and services correctly … … they think “I am not a sales person.” Now, combine that with a healthy dose of “It’s rude to discuss money,” and you can see why it’s easier to just keep your rates low. Even when you’re struggling to run a profitable business. Many people don’t charge enough and it’s destroying their business. Let me tell you a personal story. I’m a Debt Expert. No! Don’t run away just yet! Usually people hear what I
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There comes a time in every entrepreneur’s life when you have to raise your rates. Maybe you’ve been in business for years without a pay increase You’ve realised the cost of living has gone up, and what you’re charging doesn’t cover your expenses Perhaps your skills have recently improved through a new training course or certification. Or maybe you just want to attract a higher calibre of client and increase your own business’s profitability. Whatever the reason, it pays to have a plan in place before your big announcement. Here’s how to raise your rates First, take a look at
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