The new PM and her Chancellor have vowed to get the economy moving by cutting taxes and promoting growth.
While we wait to see how the masterplan plays out – whether it will supercharge the economy or bankrupt it – what we here at Philip Elliott Towers do know is that it’s not only rising costs that are putting businesses under pressure.
Construction, an industry we see a lot of, is definitely being buffeted by what commentators like to refer to as ‘economic headwinds’ and what builders know as ‘losing money hand over fist because yet another *person* hasn’t paid me.’
Fixed quotes for materials
Non-payment and late payments have piled pressure on the industry, as is being tied to fixed quotes for which materials and labour costs have risen with inflation.
Meanwhile, supply chains continue to be hampered by hold-ups and shortages, the after-effects of Covid and other transport challenges. Labour itself is surprisingly hard to come by so skills shortages are exacerbating the situation while National Insurance rises add to labour costs.
Further down the line, a slowdown in the construction business is forecast due to the gloomy picture for growth generally in the UK.
The number of requests for our help from construction industry clients has shot up in the last year as a consequence of these problems.
We can’t do anything about the shortage of bricks or brickies – although Robyn’s a dab hand with a trowel and a concrete mixer, she tells me – but we can help when it comes to chasing down payments.
Wedding planners, copywriters, green technology
Construction is not the only industry beset by an increase in late payments and we’ve seen a rise in enquiries almost across the board, from wedding planners and creative copywriters to green technology companies and bakery suppliers.
It’s likely to worsen before it improves, according to the British Chambers of Commerce who, like others including the Bank of England, see recession on the horizon.
Whatever sector you’re in, if you’re struggling with late payments we can help by:
- Assessment – being ‘another pair of eyes’ to look at the problem and suggest practical next steps
- Mediation – between you and the customer who may find it easier to talk to a third party and be more willing to discuss a solution a result.
- Identifying alternative payment plans if people can’t afford the full amount
- Collecting accounts in your name – if you are too busy with actual work, we can take over some of the paperwork load.
- Court action – usually a last resort but necessary if the debtor has been given every opportunity to respond and shows no sign of cooperating.
Our first step is always to talk to you and determine which approach you’d prefer and which we all think would work best, then to set out a plan of action.
The economic landscape is set to be very challenging for the rest of this year so recouping money you are owed is going to be ever more important for all businesses and organisations.
We can help ease what can be a very time-consuming, as well as costly, problem, so if you’d like to know more about how we can help you to recover outstanding fee payments contact us at [email protected],
0115 784 5602 / 07748 249 625