International Weekend Payment Awareness Month - 1st August - 31st August

The purpose of this PSA is to make large corporations aware that small businesses and start-ups accept payments on the weekend.

 

But, it is created to support small and growing businesses to start to think creatively about the relationship you have with your stakeholders.

As we also approach the summer break of August, large corporations are not renowned for their respect for invoices.

 

We know as small businesses and a start-up  we know how important it is for every business to have cash flow, for peace of mind, stock and to stay afloat.  Therefore, it is important to receive payments seven days a week. But how do you ensure that you increase your rate of receiving payments seven days a week?

 

There are many excuses large corps make and delay payment.

  • No one is in accounts
  • The person who signs off the cheques is on holiday
  • We seem to be missing ...... (something they should have asked at the start)
  • It is out of my control 

 

But here are some solutions:

  • Plan invoices to be paid in advance
  • Plan for invoices to be paid on a Tuesday or Wednesday (that way you have a couple of days to chase up)
  • Do not be afraid to email on a weekend
  • Apply some emotional blackmail - if you need to
  • Ask for a senior manager

 

Last but not least, ask businesses in advance of the work about their payment processes and find out if they are committed to swift payments to marginalised groups - which includes small businesses and start-ups in this instance.

 

If this post sounds daunting, time-consuming or you are afraid to lose the contract?  Here are some tips:

  1. Join the Fire PR Club for support and encouragement of ways to increase your cashflow, and build a successful business
  2. Hire an accountant who you can add as your go-between
  3. Become your own go-between – create a separate email account and use that
  4. Become more courageous with your ask, you are in the world of business now, your survival depends on you growing as your business grows

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