Are electricians getting paid on time?

gazza — Mon, 03 Mar 2014 00:00:00 +0000

gazza Mon, 03/03/2014

This week Trade Skills 4 U have posted a blog which talks about the effect late payment is having on electricians. Following the introduction of Government lead early payment schemes in March 2013, Trade Skills 4 U have carried out a survey amongst electricians from all over the country to find out if such schemes are having an effect on how quickly they get paid for work.
Early Payment Schemes
Early payment schemes were set up with the primary aim of ensuring fair payment policies for small businesses such as electricians who may work for themselves or with a small team of staff. The idea is to make the process of chasing outstanding invoices a more straightforward process.
With every small business being owed on average £45,000 as a result of late payment or non-payment, a Government backed early payment scheme may work to encourage both other firms and individuals to pay small businesses on time. Small businesses suffer from needless cash flow problems often as a result of payments not made on time.
Survey Results
The survey showed encouraging results and electricians are using some of the strategies suggested under Early Payment Schemes with success. This is having a positive effect on their business allowing confidence in growing small businesses which in turn contributes to economy growth and recovery.
To see the survey results and read more about the strategies electricians use to encourage early payment you can read the full post over at Trade Skills 4 U http://www.tradeskills4u.co.uk/posts/paidontime

Blog tags

Late Payments