RIABU - Tips and tools for getting paid on time by your customers

More UK companies are going bankrupt

The UK government has recently withdrawn support measures that were introduced to help businesses survive during the pandemic, and this has led to rising insolvencies. RIABU'S Simon Littlewood and Mark Laudi discuss what this means and how effective cash flow management processes can tide businesses through this transitional moment. Read more about this topic here.

How to reset your customer relationships for 2022

As the Covid-19 pandemic unfolded, governments and central banks all over the world acted swiftly, using massive amounts of monetary and policy support to prevent insolvencies. However, this temporary suppression of insolvencies may not last much longer, and the fragile companies kept afloat by emergency measures and weakened by the crisis are still on shaky ground. As companies prepare to greet a new year with more uncertainties, it is more important than ever to get their cash flow processes in order so that their businesses can stay standing. RIABU’s Simon Littlewood and Mark Laudi have some tips. Read more about this topic here.

Singapore vs Hong Kong: Which city‘s SMEs are better at getting paid on time?

Singapore and Hong Kong are often perceived as cities which feel a sense of competition with each other. And in one respect at least, Singapore is losing out. Xero, an accounting software company, revealed that US$3 billion worth of bills were unpaid to SMEs in Singapore, compared to Hong Kong's US$1.7 billion. Why might this be the case, and what can be done to help SMEs receive their payments more punctually? RIABU’s Simon Littlewood and Mark Laudi have some ideas. Read more about this topic here.

Lessons for suppliers from the Evergrande saga

Chinese real estate company Evergrande is struggling to pay down its debt and maintain enough cash flow to stay afloat. And that means that its suppliers are also struggling. Late or non-payments from a large company can wreak havoc on their smaller suppliers, as Evergrande's suppliers have realised. But things don't have to be this way. In this episode, RIABU’s Simon Littlewood and Mark Laudi share more about how suppliers can handle customer relationships in order to protect themselves and their business. Read more about this topic here.

The true cost of late payments

Anyone running a small business will understand how late payments from customers can not only be a problem in the short term, but could also lead to missed opportunities and heightened anxiety, not to mention the failure of your business. That’s because late payments are not just delayed cash flow but involve numerous other visible and hidden costs. In this episode, RIABU’s Simon Littlewood and Mark Laudi discuss these costs, and what businesses can do to prevent late payments. Read more about this topic here.

Tech is not a silver bullet for invoicing problems

We've talked about the strengths and weaknesses of tech before, and we're doing it again because it's just that important. Many sellers of accounting software technology claim that their solutions can solve cash flow problems. Some governments also support this view. 

While RIABU appreciates technologies that help companies operate more efficiently and that support growth, we believe that when you get paid late, it is because a human being (or human beings) has made a decision to pay you late. In this episode, RIABU’s Simon Littlewood and Mark Laudi explain why managing these human relationships is the real key to invoicing success. Read more about this topic here. 

Why so many businesses fail in their first year

According to the United States’ Small Business Administration, about 20% of businesses fail in the first year, 50% fail within five years, and only 33% survive by the 10^th year.

These statistics reveal that keeping a business going is not easy. But if you are a current or aspiring entrepreneur, this shouldn’t kill your entrepreneurial spirit. Instead, you need to understand the major reasons why small businesses fail, and learn from these mistakes. In this episode, RIABU’s Simon Littlewood and Mark Laudi elaborate on some factors that can cause cash flow problems — a major reason for business failure. Read more about this topic here. 

Using technology to better your customer relationships

If you’ve listened to the RIABU podcast in the past, you’ll know we have an aversion to automating everything in the customer relationship. Because automated messages and emails are easy to ignore.

But there is a role for technology to improve customer intimacy, as in not going on a date with your customer, but about making a date with your customer to talk about payments.

RIABU’s Simon Littlewood tells Mark Laudi how we can use online tools to replace face-to-face meetings, and how to approach your customers in a slightly different way.

How to stop draggy payments

If you have read our book, Let The Cash Flow, you will know that just keeping your customer to the time period of payment is difficult.

Even if you had already agreed on terms at the beginning of the relationship and things start off well, payments usually get gradually slower. This natural creep goes against your pre-agreed terms, and it will only get worse if you do not catch it.

Simon Littlewood tells Mark Laudi how to keep an eye on your payment dates.

We speak to someone who actually gets paid on time!

We speak to someone who has found success in getting her customers to pay her on time! 

Cheryl Chan, Global Tender Manager of ModuResources, said in an interview with Simon Littlewood that getting paid on time is down to understanding the customer's payment processes and maintaining a high level of communication.

Listen to Chan tell Simon Littlewood how making the unusual request to meet the finance team during the initial discussions gives her an understanding of how the client's processes work and knowing the contact details of people she can call about payment matters.