What's your perspective on the issue of late payments?

❌ Overdue invoices are systemic, so I just have to put up with the issue.

They are systemic, but you don't have to put up with the issue. There are plenty of things you can do to reduce how often it might happen, ways to reduce the impact it could have on you, and ways to encourage your clients to pay on time. Keep reading to find out more.

❌ Late payments are very rare, there's no need to worry until they happen.

Unfortunately, they're not rare at all, at least half of payments to small businesses are late, and it's worth putting things in place to reduce the likelihood of them being paid late, so when it does happen - you'll be better prepared.

❌ When clients don't pay on time, it doesn't affect my stress levels.

Even if you're not aware of your stress levels being affected, it can have knock-on effects, such as worrying about debt or cashflow, the additional time and effort it takes to chase the invoice which takes away from doing work or rest, and the feelings of conflict it can create when having conversations with your late paying client.

❌ Overdue payments are going to destroy my business.

We hope not - whilst many businesses are seriously affected by poor cash flow, and debt can lead to financial difficulties, there are many actions you can take to mitigate the risks. If your business is facing significant issues due to late payments though, you should take advice. We have resources at the end of the ebook for when things go really wrong.