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Lincoln Lawyer: You did the work, now get paid

Many people are starting their own enterprise, even in these difficult economic times. And Lincoln is the UK’s fastest growing city for new businesses. You have a skill, a product or an idea. But how do you convert a full order book into cash? BBC Dragons Den star Theo Paphitis summarised the issue as “profit is sanity; turnover is vanity”.

Credit control is the process of controlling payments coming into your business. Without it you have serious cash-flow problems, have to raise prices and become less competitive. Your business could fail.

  1. I seem to have lost your invoice: Ask if that is the only reason for non-payment? If not then it is a delaying tactic.
  2. The cheque is in the post: Ask for details of the date of the cheque, its number and date of posting? If they cannot answer then it’s a lie.
  3. The computer is down: Who is fixing it and when? How are the wages going to be paid?
  4. We are waiting for a big customer to pay us and then we can pay you: Ask for the name of that big customer? If the money is definitely coming in then why can’t they get a bank loan on the strength of that certainty in order to pay you now?