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There’s nothing that staggers business growth and success quite like late paying customers.
Like a lot of small businesses, cash flow was the main challenge for LiveWorks, an independent experiential marketing and promotional staffing agency, established in 2004.
Director Robert Marson works hard to bring brands to life including an exciting campaign for Intel to demonstrate their latest tech. But more often than not, delivering campaigns for large clients has meant incurring significant costs along the way. Waiting on payments brings about 50 percent of the pressure and stress of any individual job, says Marson, and juggling finances to find the money to pay suppliers can be a difficult feat if not carefully managed.
Anthony Igra, General Manager of Contractors Debt Recovery, chatted to Marson about his business and offered valuable and actionable ways that they can turn this model around.
First he explains how to:
#1. Recondition your clients and change their perception
#2. Consider a milestone payment strategy (staged payments) so there is only a small amount outstanding at the end of the project
As Kochie says, “Don’t be scared to chase big businesses for money otherwise you’re their bank.”
Here’s how to get customers paying quicker:
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