As a small business, its vital you set your payment terms and improve your cash flow to make sure you stay solvent. You need to ensure your interests are protected when you deal with other businesses and new customers, particularly if the order is large and requires a lot of investment.
Are you supplying to a business that is a notorious late payer? One of the first things that happen when a company is experiencing financial difficulty is that theyll stop paying their suppliers. As the supplier, this hold-up can cause serious harm to your bottom line and impact your cash flow, and perhaps your need for finance.
Chasing a business to pay you can be a frustrating and takes a lot of time time…
Read the full article at: http://www.smartcompany.com.au/sponsored/articles/69221-the-warning-signs-of-business-failures-how-to-avoid-not-getting-paid/