‘Pandemic’, ‘Brexit’, ‘mental health’.
A triumvirate of buzzwords. That is in no way to make light of any of them. To the contrary, each in their own right heralds a very serious issue.
Starting with the third, this has reached epidemic levels in this country already, but for business owners and managers it’s being amplified by the first two.
The pandemic has slowed the engine of economic growth not only in the U.K. but around the world. It doesn’t matter if you are a large or small company, the pandemic doesn’t care. Some sectors such as tech and personal fitness (to highlight a couple) have thrived but for so many others these are straightened times.
Add to that the travails of Brexit in 2021 and, if you are an exporter, the burdens of doing business just got more onerous.
One of the most oft used excuses for late payment goes something along the lines of:
“I haven’t been paid by my client / customer so I can’t afford to pay you”
With the additional volume of import and export customs forms that must now be completed following the Brexit agreement, the time it takes for some businesses to actually “do business” will get longer. Ergo some less scrupulous organisations might take advantage of this to further delay payments.
There’s no doubt, late payment adds a lot of stress to running a business, and you have to think about what you can do to alleviate that stress. For many it’s not just about money that is owed, it’s also about the uncertainty and the accompanying inability to plan. The loss of agency and the sense of helplessness when a key customer or client drags their feet on a big invoice.
That’s where mental health can start to falter. Don’t let it go unchallenged – the mental health issues or the late payment. Take a stand even if it’s only a small one. Do it for yourself as well as for your business.