are your customers using you like a bank?

On average, it is taking over 44 days for New Zealand businesses to get paid. (go to Dunn & Bradstreet original article). This is at least 2 weeks over standard 30 day terms of trade.

There are numerous contributing factors that lead to delays in getting paid, some legitimate and some simply stalling tactics. The first job is to identify any issues early, and then be able to quickly address and remove the barrier to getting paid. (get our FREE Guide – 10 Ways to get Paid Sooner).

Uncollected money owing means there is less funding available to purchase stock and pay outgoings. To offset this, either more capital has to be introduced to the business, or it has to be borrowed. Either way, there’s a cost.