Wise Up Wednesday: Are You Still Having Payment Nightmares?

This week’s “Wise Up Wednesday” is a very brief one about avoiding Payment Nightmares…

Some of the commentators say construction is on the up, but we know that many Specialist Contractors are still experiencing Payment Nightmares!

  • “Underpayment without reason”
  • “Pay when paid and if certified”
  • “Spurious contra charges with no prior notice and no detail”
  • “Unpaid invoices in excess of 6 months”
  • “Contractors who completely ignore you, even after repeated threats of legal action”
  • “Even large contractors who used to pay on time hold onto payments”
  • “Contractors use you to bankroll the contract,then screw you to maintain their margins”
  • “Contractors that are in adversarial mode from day one!”
  • “CIS deducted incorrectly and not paid back”

These are actual scenarios Specialist Contractors have had to endure.

It’s Official – Contractors Are Stealing Your Profits!

What’s making it worse is that most big Contractors are so reliant on cash management for their profits that they are underpaying you and paying you late!

They steal your profits so that they make theirs.

And that’s official because if you read it carefully that’s what the Governments own report says.

You can find it here – BIS RESEARCH PAPER NUMBER 118

Of course it doesn’t use the word “steal” but it does say that;

“As part of a relatively under-capitalised industry, construction firms are highly dependant upon sustained access to trade credit…”

“Trade credit” – what that means is your money!

Now even some of the smaller Contractors, who you thought you could trust, are taking a leaf out of the big boy’s book and screwing their sub-contractors.

I’m sick and tired of seeing good hard working Specialist Contractors like you suffering at the hands of the non-paying, arrogant, bully boy Contractors!

So What’s To Be Done About It?

If Specialist Contractors are ever going to receive the returns that your hard work and efforts deserve, effective action needs to be taken at grass roots level.

So please;

  • come and join the debate with 2,178 Specialist Contractors in our FREE LinkedIn Group: FREE LinkedIn Group
  • already in the group? Then please spread the word to every other Specialist Contractor you know and forward this blog post to them
  • in a Trade association? Why not get in touch and see how we can link up
  • think more should be being done or got some ideas? Please get in touch!
  • take action to ensure your success and join over 120 Specialist Contractors from all over the UK in the biggest national event of the year
  • and, if you are already one of our Silver, Gold or Platinum Buddies you come for free!
  • Buddies, please make sure to use the initial free advice and free Consultancy resources at your disposal.
  • let us help you to protect and grow your business,
  • and if you’re not yet a member why not email us at info@streetwisesubbie.com for details?

Because, together we can make a real difference!

I hope you enjoyed my Wise Up Wednesday blog post and that it gave you some food for thought, and I sincerely hope to speak with you soon.

In the meantime if you need any help with any of your business issues, please don’t hesitate to pick up the phone and give us a call on 01773 712116.

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