Late Payments? We Have A Solution

Late payments are a problem for nearly a quarter of small businesses – and that’s an increase on last year. The figures come from the latest ICAEW Business Confidence Monitor, but may not come as a surprise to small and micro-business owners and their accountants. Late payments are a perennial – and serious – problem for them. The Federation of Small Businesses found that in one year, 50,000 small businesses were forced to close due to the cash flow difficulties caused by late payments.

It may seem like an insurmountable problem, but there are many simple changes accountants can advise small businesses to make to their customer and supplier contracting process which will transform it for the better. Runagood has an online Cashflow Improvement Method containing well over 30 action plans, including forestalling late payments.

The Methods are deliberately simple, to the point and action-centred. As a Runagood® Business Centre or AI Business Advisor®, you can open up a readymade online action plan for your client, edit who will take each step, when by, and if there is a cost involved. The client can then implement it by themselves, paying you a low monthly fee for system access, but mostly they opt for also getting your coaching help for a small additional monthly fee, choosing between your mentoring, coaching, training, consultancy or project management support, according to urgency, until completed. The client system access fee runs forever whilst your support fee can vary as client needs ebb and flow. And with thousands of other readymade action plans covering whole business advisory, recurring revenue should be yours forever.

Whilst the ICAEW has appealed to Number 10 for help with reinforcing the law around late payments, Runagood® Methods enable accountants to help small businesses straight away with immediately implementable actions.

For these and many other indispensable Methods book a 121 call to discuss how you can use them with your clients.