Cashflow Management Q&A

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Keith Rowley added an answer to this question
Keith Rowley

Keith Rowley, Joint Owner and Customer Strategist at

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Depends what you eman by 'safe'. I don't know the details of how Quoin is backed, but in principle, being backed by a finite resourse means that it can't be inflated to low values -that was the wau currencies were backed before the gold standard was abandoned for fiat currencies, which ...  Continue Reading
Hatty Bell

, Community Manager at

Very helpful answers here @Keith Rowley You certainly know a lot more than I do!

Hatty Bell added an answer to this question
Hatty Bell

Hatty Bell, Community Manager at

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It's often the case that companies have to ensure they have enough costs in the bank to support this or pass it on to their own suppliers!

Nikki Williams added an answer to this question
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Nikki Williams

Nikki Williams at

Ooft, this is a tricky one. We work out of a WeWork co-working space and have our own private office. As a result, we're technically sub-leasing and WeWork has been ruthless in not supplying assistance for tenants. This has been extremely disappointing but they too are a business who will struggle during and probably after this pandemic. For anyone needing to negotiate commercial rent or any other confronting issues during this time, I'd highly recommend looking at these templates that Worksmith have collated: https://worksmith.io/connect/documents/
Good luck!

Deborah Vella added an answer to this question
Deborah Vella

Deborah Vella at

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It can depend on the type of work and industry.  Make sure you check their standard contracts and don't be afraid to ask for a change in the payment terms.  The worst they can do is say no.  What I find can usually happen is that you'll receive the details of a dedicated person who can help process your invoice quickly so it is in the accounting system and will be paid on the next cycle.  It may not be perfect, but it's a manageable win!

Felicity Law added an answer to this question
Cashflow Management

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Felicity Law

Felicity Law, HR Executive at

Absolutely.

Steven Freeman added an answer to this question
Steven Freeman

Steven Freeman at

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Have used a few but only in extreme situations when we have exercised all efforts and the situation has blown out. By then they have a hard case, so it is difficult to know whether its them or the case which is making their service questionable.

Hitesh Mohanlal added an answer to this question
Hitesh Mohanlal

Hitesh Mohanlal, Director at WOW! Advisors & Business Accountants

Top 10%
Excellent question. As business owners we are afraid that asking for money means we lose the project/ job. What we sometimes forgot is that if we walk away our business will be OK but if we run out of money our business dies. If clients have an issue with paying fees they are usually not a good customer. ...  Continue Reading
James Huy Vuong added an answer to this question
James Huy Vuong

James Huy Vuong at Your Accounting Partners

Top 30%

Anna,

You will want to review your credit process - I find that by addressing such issues up front ie strategy will save you a lot of energy with all the tactical stuff later on. There is no hard and fast rule when it come to business, in the end we are dealing with people, so need compassion use your judgement, if you feel you are getting taken advantaged off then respond accordingly. Notice how i said ''respond'' not ''react''.

Jeremy Carter added an answer to this question
Jeremy Carter

Jeremy Carter, CEO | Leadership Trainer | Management Consultant | Business at

Get yourself a good debt collector and have documented credit policies for your company. That way it's not you having to make the decision, it's just the company policy. Debt collectors have reasonable success at chasing debts providing they are not too old.
IMHO it's better for you to focus on bringing ...  Continue Reading