2022 has shifted by quickly, many businesses are now finalising their FY23 budgets and preparing for the End of Financial year.
Towards the end of Q1, we saw a flurry of claim activity, this has been attributed to the high-profile insolvencies of Probuild and Condev. Additionally, many clients are seeking a third party to collect overdue money with the aim of getting their books in order before 30 June.
However, for the most part, things seem to be getting back to normal, right? But are they really? Increases in Insolvencies, collection activity, supply chain delays, raw material costs blowing out, war, workforce shortages, limited logistics, high inflation, interest rate increases and a change of government in Australia – normally these are the ingredients for a fairly nasty economic stew.
So, what can we do about it and how do you prepare your business for an entrée of credit challenges?
To get prepared, see my 5 tips on how to get paid here.