For a small business, undertaking thousands of dollars’ worth of work and not being paid can mean the difference between sink or swim.
Cash flow has always been an issue for small and medium businesses (SMEs), who are faced with the harsh reality of needing to pay invoices quickly, while larger businesses’ repayment rates are significantly slower – 1.5 times on average.
It seems like every time someone opens a newspaper there’s another story about a company becoming insolvent without warning. While these headlines certainly sound exciting, the truth is, businesses simply don’t fail overnight. And with the number of insolvencies growing across Australia, knowing how to spot the signs and safeguard your business is more important than ever.
You’ve landed one hero client with enough work to keep you busy all day every day. It’s all you’ve ever wanted and now business is secure, right? Well, not quite…
We explain the real-life results that can befall a business when it doesn’t spread its risk, and explain the practical steps you can take to become less exposed.
