Episodes
Tuesday Aug 16, 2022
Negotiate your contract price at acceptable profit margins
Tuesday Aug 16, 2022
Tuesday Aug 16, 2022
More than half of the USA SMEs experienced late payments from large companies which significantly impacted their business, delayed hiring, and reduced their ability to recover from the pandemic. Late payments are a persistent dilemma for small businesses which affects their ability to maintain a steady cash flow and invest for the future. With about 31.7 million small business firms operating in the United States, accounting for 44% of US economic activity, what should these firms do to get paid on time? RIABU’s Simon Littlewood and Mark Laudi have some ideas. Read more about this topic here.
Wednesday Aug 10, 2022
Customer intimacy is about nurturing relationships at all levels
Wednesday Aug 10, 2022
Wednesday Aug 10, 2022
Around half of Australia’s big businesses are failing to pay small business suppliers on time. Despite ongoing efforts to reverse the tide, three reports - late payments, transactions, and a survey - show Australian SMEs are just treading water to survive, and with banks tightening their lending and government handouts having disappeared, the risk of survival has increased. What can SMEs do to get paid on time? RIABU’s Simon Littlewood and Mark Laudi offer some ideas. Read more about this topic here.
Friday Mar 25, 2022
Payment of invoices on time benefits all stakeholders
Friday Mar 25, 2022
Friday Mar 25, 2022
While the world’s attention is focused on the conflict between Russia and Ukraine, about 440,000 or 8% of the small businesses in the United Kingdom face insolvency from cash flow problems arising from higher operating costs and difficulties in getting invoices paid on time.
In this podcast, Liz Barclay, UK Small Business Commissioner, and RIABU’s Mark Laudi, discuss the importance of the prompt payment code introduced by the UK government in 2008 to encourage large companies to commit to good payment practices, and how, barring a few outliers, the industry average of payment days has been improving. But Liz believes that more needs to be done. She emphasizes that a company’s board of directors have an ethical responsibility to pay invoices on time. To safeguard the sustainability of their suppliers, it must be a strategic decision rather than an operational one. This, in turn, helps all stakeholders because it enhances the supplier's bottom line, which attracts more investors and qualified workers.
On the other hand, small businesses or suppliers lack negotiation skills and make a variety of invoicing errors. Liz points out that while digital technology has helped many small businesses save time and minimise the number of invoicing errors, it isn't the ultimate solution for getting paid on time. They must be bold and confident enough to propel their business forward by negotiating better payment terms with their customers.
Friday Apr 23, 2021
Friday Apr 23, 2021
Local brand platform Naiise has closed its physical stores, and its owner Dennis Tay said he is filing for personal bankruptcy.
Its vendors, who have sold their goods to him on consignment, are demanding that he pay them.
What should a small business owner do to make sure their consignment deal does not go awry?
RIABU’s Simon Littlewood and Mark Laudi talk about the importance of working capital and what an SME owner can watch out for in dealing with a consignment vendor.
Meantime, we are counting down the days to the launch of our book, "Let The Cash Flow".
"Let The Cash Flow" is published by Marshall Cavendish and is available in bookstores, on Amazon and other online channels in April.