One of the most common experiences of being self-employed is having to deal with late payments of invoices.
Not only does it mess up your cash flow, which can have a dramatic impact on paying your own bills, but the time taken to chase late payments and the additional stress of asking for what is due, all adds up.
It's not an occasional issue either.
Only 54% of invoices in the past 18 months were paid on time.
That means almost half were paid late - 23 days late on average.
That means it's an issue we're all dealing with, almost all the time.
It can eat away at your own confidence, questioning whether this way of working is for you, and the stress of having to pester your client, asking for money, and worrying about money takes its toll - leading to poorer concentration, poorer sleep, poorer health.
It's not okay.
There are people working hard to improve the situation like IPSE and the Small Business Commissioner, but our role is to try and help you feel supported as you're dealing with the issue, practically and emotionally.
So, we've written this guide to help you feel more confident in knowing your rights, what you can ask for, and what you should expect, but also how to deal with the emotional impact that late payment and money worries can bring.
Matthew
Leapers
