Campaign: Esther Carder advises businesses on how to survive through the Coronavirus

2 April 2020 / Insight posted in Article, Coronavirus, Operations, Press releases

In these times of adversity, Esther Carder says client contact is key. “Not all of your client base will be affected in the same way,” she says. “Managing clients’ expectations during this time needs better-than-ever communication and client management. If some of your clients are in real trouble, you should consider asking them to pay your outstanding invoices before undertaking further work for them, especially if that work is going to require bought-in costs. For other clients in a stronger financial position, you may be able to agree upfront payment for work.”

To safeguard the invoicing process, Carder suggests several approaches. Some companies operate early-payment schemes, albeit with a likely financial penalty. “Another issue you could face is that clients may not be on top of their invoice approval processes while working from home,” she says, “but their accounts payable team should be able to flag any issues.

They should work with your account managers and your client contacts to ensure that all approvals are in place so that you are getting paid promptly.”

Equally important is the supplier relationship. Carder advocates taking the initiative and calling key suppliers. Some will be open to amending the payment agreement, which is preferable to simply defaulting. Those quicker off the mark stand to get satisfactorily revised terms first. She says: “If you are suffering from delayed payments from your clients, you might also want to explain that to your suppliers and agree you will pay them when you have received your outstanding payments.”

Full article here.

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