Stop Supply- why doing so is your best chance to be paid.
It always astounds us when we get sent debts to collect which are made up of multiple invoices. If you’re owed more than 5 invoices for the same customer at any one time then this could be why you’re not getting paid. So many businesses think that by doing more work they’re increasing their chances of getting paid but it actually has the opposite effect. It is counter-productive. All you’re doing by incurring more debt is increasing your exposure and risk. We were sent a debt last week for $25,000 made up of 32 invoices across a period of 4 months. This is just ludicrous. When I provided this constructive feedback to our too-trusting client, they agreed completely and saw the error in their ways. Had they stopped work at $5000 overdue and 5 invoices then it’s highly likely they would have been paid. Not only that but their customer would have been much more diligent for the remaining 27 invoices. Don’t ever, ever forget that they want what you have- withhold this from them and watch them come crawling back. All continuing to do more work does is reinforce a negative- put yourself and your business first and remind yourself constantly that you hold the power, not the other way around. And remember, an invoice isn’t worth the paper it’s written on unless it gets paid.
Cheers guys
Are you owed multiple invoices by the same customer? You could be the problem, not them.