As an entrepreneur, building a successful and sustainable business is a massive challenge in itself. Not to mention the additional challenge posed by late or non-paying clients. True, there are various reasons for clients not paying, ranging from larger economic factors, to Terms and Conditions (“T&C’s”) and to the client’s personal situation. It is therefore of crucial importance that if any form of pattern becomes apparent, that it is identified and addressed.
Besides dealing with the collection of the monies outstanding, it is important to identify and treat the underlying cause. Not only due to the time and direct cost of litigation, but to ensure that the focus remains on growing the business.
It is also very much irrelevant whether some of these underlying causes originates from in or outside the business. As a result, a critical assessment of some of the following aspects could be very helpful to “get to the bottom” of the reasons and to address them so you can focus on growing your business.
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