Finance Topics
IN THIS LESSON
You should have a formal process in place...
…for when customers don't pay what they owe you.
Every small business owner knows the stress that comes with clients who don’t pay when they’re supposed to. It affects your cash flow and your ability to pay your own suppliers. You should have a formal process in place for when this happens, which it inevitably will.
Sometimes, there is a valid reason for a payment not being made and this is that your client has not received the relevant documentation from you. It’s your responsibility to find out exactly what paperwork each client needs in order to make a timely payment, and to send these with your invoice.