Be first in line to get paid

You've been supplying to a particular customer for many years and there's an established process that helps deliver the product or service and get paid on time. But what happens if things change at the customer end and their process suddenly becomes more complex. In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss how SMEs can deal with the difficult situation through customer intimacy, a relationship-building process that is a core element of RIABU's Virtuous Revenue Cycle, and why having a cash flow forecast is important for your working capital.

More than half of the USA SMEs experienced late payments from large companies which significantly impacted their business, delayed hiring, and reduced their ability to recover from the pandemic. Late payments are a persistent dilemma for small businesses which affects their ability to maintain a steady cash flow and invest for the future. With about 31.7 million small business firms operating in the United States, accounting for 44% of US economic activity, what should these firms do to get paid on time? RIABU's Simon Littlewood and Mark Laudi have some ideas. Read more about this topic here.

Around half of Australia's big businesses are failing to pay small business suppliers on time. Despite ongoing efforts to reverse the tide, three reports - late payments, transactions, and a survey - show Australian SMEs are just treading water to survive, and with banks tightening their lending and government handouts having disappeared, the risk of survival has increased. What can SMEs do to get paid on time? RIABU's Simon Littlewood and Mark Laudi offer some ideas. Read more about this topic here.

UK SMEs are struggling to operate efficiently as input costs are rising rapidly in the country, which is impacting their operating margin significantly. As a result, one in five SMEs is finding it difficult to pay their suppliers. In addition, one in four SMEs is facing late payments from their customers as they are also struggling with higher prices.   In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss how SMEs can focus on strengthening relationships with their customers by understanding their needs and wants, which can result in a faster collection of receivables and improved cash cycle. Read more about this topic here.  

The US interest rate received its highest increase since 1994 because the country's inflation reached a level not seen in the last 40 years. All these statistics are making headlines, but how does it impact SMEs? It means that economic conditions are deteriorating and the cost of doing business may increase further which may increase pressure on their margins.   In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss how SMEs can navigate the turbulent times ahead by giving particular attention to receivables and thereby increasing the cash cushion. Read more about this topic here.

Top-down ownership requires internal stakeholders to adopt a common culture where employees at all levels – from the boardroom to salespeople - are responsible for collecting cash from the customers. The cash collection process can be incorporated at all levels of the organization structure by providing proper training and accountability through KPI metrics. In this video, RIABU's Simon Littlewood and guests, Yvonne Rankin Constantine, Director & Founder at Rankin Constantine Global Consulting, and Peter Hone, Rig Inspection Manager in the Asia Pacific and Southeast Asia, discuss the eight elements of RIABU's Virtuous Revenue Cycle (VRC) which is a cycle of continuous improvement in service culture and delighting customers by anticipating and responding to their every need and ensuring that you get paid on time. Get more tips on effective cash flow management from our book, Let The Cash Flow. To find out more about how RIABU helps small businesses get paid on time, visit RIABU.com

In Australia, small businesses have been suffering from being paid late by large corporations for years, and the pandemic has made their cash situation even worse. But there is one method to help them get paid faster: clear communication. In this podcast, RIABU's Mark Laudi and Anne Nalder, Founder and CEO of Small Business Association of Australia, discuss how communicating clearly with your customers can help your business get paid on time and improve your cash flow in this challenging environment.

While the world's attention is focused on the conflict between Russia and Ukraine, about 440,000 or 8% of the small businesses in the United Kingdom face insolvency from cash flow problems arising from higher operating costs and difficulties in getting invoices paid on time. In this podcast, Liz Barclay, UK Small Business Commissioner, and RIABU's Mark Laudi, discuss the importance of the prompt payment code introduced by the UK government in 2008 to encourage large companies to commit to good payment practices, and how, barring a few outliers, the industry average of payment days has been improving. But Liz believes that more needs to be done. She emphasizes that a company's board of directors have an ethical responsibility to pay invoices on time. To safeguard the sustainability of their suppliers, it must be a strategic decision rather than an operational one. This, in turn, helps all stakeholders because it enhances the supplier's bottom line, which attracts more investors and qualified workers. On the other hand, small businesses or suppliers lack negotiation skills and make a variety of invoicing errors. Liz points out that while digital technology has helped many small businesses save time and minimise the number of invoicing errors, it isn't the ultimate solution for getting paid on time. They must be bold and confident enough to propel their business forward by negotiating better payment terms with their customers.

Greenhouse gas is an issue for the whole world and large or small companies have an important role to play in reducing it, but until SMEs bring their cash flows in order, it may be difficult for them to make any meaningful contribution. RIABU's Simon Littlewood and Mark Laudi have some ideas. Read more about this topic here.

Small businesses continue to face challenges like rising costs and lower demand, which are leading to higher bankruptcies across the globe. While the Chinese government is extending support to SMEs, the UK is moving in the opposite direction. Meanwhile, Eastern European businesses remain vulnerable to external border shocks. Listen to RIABU's Simon Littlewood and Mark Laudi discuss what SMEs worldwide can learn from these different situations.

The UK government has recently withdrawn support measures that were introduced to help businesses survive during the pandemic, and this has led to rising insolvencies. RIABU'S Simon Littlewood and Mark Laudi discuss what this means and how effective cash flow management processes can tide businesses through this transitional moment. Read more about this topic here.

As the Covid-19 pandemic unfolded, governments and central banks all over the world acted swiftly, using massive amounts of monetary and policy support to prevent insolvencies. However, this temporary suppression of insolvencies may not last much longer, and the fragile companies kept afloat by emergency measures and weakened by the crisis are still on shaky ground. As companies prepare to greet a new year with more uncertainties, it is more important than ever to get their cash flow processes in order so that their businesses can stay standing. RIABU's Simon Littlewood and Mark Laudi have some tips. Read more about this topic here.

Singapore and Hong Kong are often perceived as cities which feel a sense of competition with each other. And in one respect at least, Singapore is losing out. Xero, an accounting software company, revealed that US$3 billion worth of bills were unpaid to SMEs in Singapore, compared to Hong Kong's US$1.7 billion. Why might this be the case, and what can be done to help SMEs receive their payments more punctually? RIABU's Simon Littlewood and Mark Laudi have some ideas. Read more about this topic here.

Chinese real estate company Evergrande is struggling to pay down its debt and maintain enough cash flow to stay afloat. And that means that its suppliers are also struggling. Late or non-payments from a large company can wreak havoc on their smaller suppliers, as Evergrande's suppliers have realised. But things don't have to be this way. In this episode, RIABU's Simon Littlewood and Mark Laudi share more about how suppliers can handle customer relationships in order to protect themselves and their business. Read more about this topic here.

Anyone running a small business will understand how late payments from customers can not only be a problem in the short term, but could also lead to missed opportunities and heightened anxiety, not to mention the failure of your business. That's because late payments are not just delayed cash flow but involve numerous other visible and hidden costs. In this episode, RIABU's Simon Littlewood and Mark Laudi discuss these costs, and what businesses can do to prevent late payments. Read more about this topic here.

We've talked about the strengths and weaknesses of tech before, and we're doing it again because it's just that important. Many sellers of accounting software technology claim that their solutions can solve cash flow problems. Some governments also support this view.  While RIABU appreciates technologies that help companies operate more efficiently and that support growth, we believe that when you get paid late, it is because a human being (or human beings) has made a decision to pay you late. In this episode, RIABU's Simon Littlewood and Mark Laudi explain why managing these human relationships is the real key to invoicing success. Read more about this topic here. 

According to the United States' Small Business Administration, about 20% of businesses fail in the first year, 50% fail within five years, and only 33% survive by the 10th year. These statistics reveal that keeping a business going is not easy. But if you are a current or aspiring entrepreneur, this shouldn't kill your entrepreneurial spirit. Instead, you need to understand the major reasons why small businesses fail, and learn from these mistakes. In this episode, RIABU's Simon Littlewood and Mark Laudi elaborate on some factors that can cause cash flow problems — a major reason for business failure. Read more about this topic here. 

If you've listened to the RIABU podcast in the past, you'll know we have an aversion to automating everything in the customer relationship. Because automated messages and emails are easy to ignore. But there is a role for technology to improve customer intimacy, as in not going on a date with your customer, but about making a date with your customer to talk about payments. RIABU's Simon Littlewood tells Mark Laudi how we can use online tools to replace face-to-face meetings, and how to approach your customers in a slightly different way.

If you have read our book, Let The Cash Flow, you will know that just keeping your customer to the time period of payment is difficult. Even if you had already agreed on terms at the beginning of the relationship and things start off well, payments usually get gradually slower. This natural creep goes against your pre-agreed terms, and it will only get worse if you do not catch it. Simon Littlewood tells Mark Laudi how to keep an eye on your payment dates.

We speak to someone who has found success in getting her customers to pay her on time!  Cheryl Chan, Global Tender Manager of ModuResources, said in an interview with Simon Littlewood that getting paid on time is down to understanding the customer's payment processes and maintaining a high level of communication. Listen to Chan tell Simon Littlewood how making the unusual request to meet the finance team during the initial discussions gives her an understanding of how the client's processes work and knowing the contact details of people she can call about payment matters.

If you have run a business you'd be familiar with this feeling: it is time for the customer to pay but you haven't received anything, and you realise you have no idea who to write to or call. Or that you know exactly nothing about your customer's internal payment processes.  At RIABU, we recommend doing your homework on when your customer pays its suppliers, how it does it, and other details. Listen to RIABU's Simon J. Littlewood tell Mark Laudi how much detail you should get into when finding out about your new customer's processes.

Collecting receivables is often seen as something that is done only by the finance department. And if you're a regular listener of the RIABU podcast, you'll know that we have broadened the responsibility to include salespeople. But is there anybody else in the organisation who has to keep up with the state of collections? The title might give it away, but listen to us as RIABU's Simon Littlewood tells Mark Laudi about the most important people to keep track of receivables, and how such a culture must be present in an organisation that wants to be paid on time.

Your salespeople are not the ones who are writing the invoice and they do not worry about your profit and balance sheet at night. In fact, if their commissions are not tied to the receivables, salespeople are human and finding out about the balance sheet of the company is probably low down their list of priorities. After all, salespeople are good at what they do - selling - and why should you complicate things? RIABU's Simon Littlewood tells Mark Laudi why it is important to educate your salespeople on certain performance metrics of the company, and how it can be an...adventure.

Suppliers are often the last to find out if a customer is having problems with paying them. Foresight is better than hindsight. But most of the time suppliers find out too late. Some rely on third-party resources such as subscribing to business intelligence services. But we think we can find out just as much from our contact with our customers. What are the signs that customers show before they even start having financial stress? RIABU's Simon Littlewood tells Mark Laudi the signs to look out for, such as a decrease in business activity, slowing down in payments, an increase in unavailability of the people you want to talk to...listen to find out more.

Let's say you have done all that we have asked you to do. And you think you have some good processes in place. But how do you measure the success of the RIABU method? RIABU's Simon Littlewood tells Mark Laudi how assessing some measures are as easy as Yes/No, like: "have we gotten this process in place?" And "do we have a proper credit policy?" Then there are other measurements that are more quantitative, and just as important. Listen to find out more.

Surprisingly, we have received pushback from our own suppliers when we remind them in good faith about some of our RIABU good practices. They will actually say they feel embarrassed about calling or emailing us after sending the invoice, and they think that we are sure to tell them if something is wrong with the invoice or product. Do they know what they are doing opens the door for more opportunities for any customer to not pay them on time? RIABU's Simon J Littlewood tells Mark Laudi about some measures you can put in place to help your supplier get paid on time. If you want to get an idea of how we do things at RIABU, you can check out the book we have written, Let The Cash Flow. You can get it here: https://www.amazon.sg/Let-Cash-Flow-practical-customers/dp/9814928291/ https://singapore.kinokuniya.com/bw/9789814928298 https://www.goguru.com.sg/let-the-cash-flow-simon-j-littlewood-mark-laudi

Getting new business is a key goal for any company, but are business owners often too eager to attract customers at the expense of receiving prompt payment?   In this podcast, RIABU's Simon J. Littlewood and Mark Laudi elaborate on why companies often fall short when it comes to ensuring punctual payment and repeat business, as well as the importance of setting the right trading terms when taking on new customers.   If you are having issues with late payment from your customers, Let the Cash Flow is the book for you. Get it here:   https://www.goguru.com.sg/let-the-cash-flow-simon-j-littlewood-mark-laudi https://singapore.kinokuniya.com/Let_The_Cash_Flow/bw/9789814928298

As COVID-19 gradually comes under control, inflation is expected to gather pace and interest rates are likely to increase. How will this affect SMEs in terms of borrowing and debt servicing?   In this podcast, RIABU's Simon J. Littlewood and Mark Laudi discuss how this will affect the relationship between lenders and businesses, and what SMEs should look out for in light of increased inflation.   If you are having issues with late payment from your customers, Let the Cash Flow is the book for you. Get it here:   https://www.goguru.com.sg/let-the-cash-flow-simon-j-littlewood-mark-laudi https://singapore.kinokuniya.com/Let_The_Cash_Flow/bw/9789814928298

Overdue membership fees have been a perennial problem for associations, who are all too familiar with a whole host of excuses from members who have not paid up.   In this RIABU podcast, founders Simon J. Littlewood and Mark Laudi elaborate on the steps associations can take to ensure not only consistent payment of membership fees, but registrations from new members who will enthusiastically and pro-actively maintain their memberships.   If you are having issues with late payment from your customers, Let the Cash Flow is the book for you. Get it here:   https://www.goguru.com.sg/let-the-cash-flow-simon-j-littlewood-mark-laudi https://singapore.kinokuniya.com/Let_The_Cash_Flow/bw/9789814928298

Late payments are such a prevalent issue — especially for small businesses — that some companies now provide legal letter templates designed to chase customers for payment.   In this podcast, RIABU's Mark Laudi and Simon J. Littlewood review legal letter templates from Zegal, a company whose services include helping to "chase late payments in just a few simple clicks".   Can using such services really ease your cashflow issues in the long run, or are they merely a stopgap solution? Find out in this podcast.   If you are having issues with late payment from your customers, Let the Cash Flow is the book for you. Get it here:   https://www.goguru.com.sg/let-the-cash-flow-simon-j-littlewood-mark-laudi https://singapore.kinokuniya.com/Let_The_Cash_Flow/bw/9789814928298

  If you have a good chunk of money stuck with your customers, you might need to get help from some unlikely colleagues: your sales team. Salespeople want to sell. Collecting on sales ...well, that's another story. Betting your salespeople to understand that working capital matters, and their role in this, this will pay off in the long run. RIABU's Simon Littlewood and Mark Laudi explain how. Meantime, we are counting down the days to the launch of our book, "Let The Cash Flow". "Let The Cash Flow" is published by Marshall Cavendish and is available in bookstores, on Amazon and other online channels.   Get it here: https://www.goguru.com.sg/let-the-cash-flow-simon-j-littlewood-mark-laudi https://singapore.kinokuniya.com/Let_The_Cash_Flow/bw/9789814928298    

Like small business owners, freelancers are no strangers to nightmare clients who backpedal on their decisions, attempt to lowball them and worse still — try to wriggle out of paying them at all. So what can freelancers do to protect themselves from such clients? Cheryl Marie Tay, a former freelance writer who is now editorial director at RIABU, tells Simon J. Littlewood and Mark Laudi about some essential steps freelancers should take when dealing with clients, the importance of conscientious and proactive customer service, and how to place a value on your work. This discussion about being a creative freelancer echoes some of the practices we advocate in our book, Let The Cash Flow, which is now available at major bookstores. Get the book here: https://www.amazon.sg/Let-Cash-Flow-practical-customers/dp/9814928291/ If you are a freelancer or small business owner, we'd love to hear from you — you could even be a guest on our next podcast! Simply email us at service@riabu.com to introduce yourself and find out more.

FACT: If you don't pay active and close attention to your receivables, you WILL start to get paid later and later. As your company grows you might be tempted to focus more on sales. The terms you grant to your customers will likely start to become more generous. The painful truth is, unless you actively manage your receivables, you will find your company being owed more and more money.  Why does this happen and what can companies do about it? Join RIABU's Simon Littlewood and Mark Laudi as they talk about how you can enforce payment discipline on YOUR terms. Meantime, we have just launched our book, "Let The Cash Flow". "Let The Cash Flow" is published by Marshall Cavendish and is available in bookstores, on Amazon and other online channels now. Get it here: https://www.amazon.sg/Let-Cash-Flow-practical-customers/dp/9814928291/

Media consultant PN Balji got into some unpleasant business when he started running his own consultancy and did not get paid on time by a client. Balji, who is a well-known former journalist in Singapore, tells RIABU's Simon Littlewood and Mark Laudi how he reacted to a late-paying client, which got him paid within an hour, and why the local media does not report enough on late payments.

The COVID-19 pandemic has affected businesses to varying degrees, and the latest safety measures in Singapore are threatening to further disadvantage SMEs, especially their liquidity. As Singapore counts down the days to the end of a second 'Circuit Breaker', how can SMEs ensure they remain liquid and get their customers to continue paying them? The brains behind RIABU and co-authors of Let the Cash Flow (now available on Amazon), Simon J. Littlewood and Mark Laudi, discuss how SMEs can best get their accounts in order and minimise cashflow issues. Order our book from Amazon Singapore here: https://www.amazon.sg/Let-Cash-Flow-practical-customers/dp/9814928291/

COVID-19 made 2020 a trying year for businesses everywhere, but a government intervention softened the blow for many, providing sufficient financial aid to keep them afloat. Now that government aid has slowed down — or stopped in some sectors — while the pandemic rages on, how much can we expect insolvency and bankruptcy rates to rise? RIABU founders Simon J. Littlewood and Mark Laudi discuss the Atradius Collections report on Western Europe's 2021 outlook, and how APAC will fare in comparison.

In the ancient Akkadian language, RIABU means "fairness". Because paying your suppliers on time, especially SMEs, is an act of fairness. So, how do you define fairness? To some, fairness is what their lawyer says they can get away with! RIABU’s Simon Littlewood and Mark Laudi talk about how we could define fairness in payments, and why it matters. Meantime, we are counting down the days to the launch of our book, "Let The Cash Flow". "Let The Cash Flow" is published by Marshall Cavendish and is available in bookstores, on Amazon and other online channels.

Local brand platform Naiise has closed its physical stores, and its owner Dennis Tay said he is filing for personal bankruptcy. Its vendors, who have sold their goods to him on consignment, are demanding that he pay them. What should a small business owner do to make sure their consignment deal does not go awry? RIABU’s Simon Littlewood and Mark Laudi talk about the importance of working capital and what an SME owner can watch out for in dealing with a consignment vendor. Meantime, we are counting down the days to the launch of our book, "Let The Cash Flow". "Let The Cash Flow" is published by Marshall Cavendish and is available in bookstores, on Amazon and other online channels in April.

We are counting down the days to the launch of our book, "Let The Cash Flow".   We wrote it as a how-to guide - not a textbook - showing you some small steps with a big impact on getting your customers to pay your invoices on time.   But how do you do it, exactly?   RIABU’s Simon Littlewood and Mark Laudi give you a sneak peek.   "Let The Cash Flow" is published by Marshall Cavendish and is available in bookstores, on Amazon and other online channels in April.  

Are large companies out to delay payments to their SME suppliers? No, according to Peter Chipman, a 27-year veteran of the energy industry responsible for sourcing supplies globally. But he acknowledges that MNCs have processes for buying and paying, while many SMEs have no processes for selling and getting paid. In this discussion with RIABU's Simon Littlewood and Mark Laudi, he shares insights into what MNCs really think of their SME suppliers, and how you can build relationships at eye level with them.

The Singapore government is making it easier for smaller companies to extricate themselves from certain contracts in order to survive.It's already made it easier for companies to wind up operations laid waste by COVID.The latest initiative is yet to be passed by parliament - here are preliminary details: https://www.mlaw.gov.sg/covid19-relief/re-align-framework#overviewBut how do you even go about talking to suppliers about unwinding contracts? What should you do if a supplier asks you for the same leeway?RIABU's Simon Littlewood and Mark Laudi explain.

The oil and gas industry is focused more on heavy engineering than warm customer relationships - yet when payment terms are usually 180 days or more, the latter is critical.That is the journey our guest on this week's podcast has been on, as he cut days sales outstanding (DSO) to just 75 days.Peter Hone from ModuResources tells RIABU's Simon Littlewood and Mark Laudi how he brought management on board, and challenges some long-held beliefs in the sector.

The Singapore government has passed a law which will make it easier for zombie companies to wind down.As payments from the Singapore government to help SMEs are coming to an end, companies which have been propped up artificially by them are likely to fail.The new act will allow SMEs wind up their business more easily.RIABU’s Simon Littlewood tells Mark Laudi how companies that are ready to wind up can prepare to do so, and how they should approach their customers when they are in such a situation.

Amazon Papyrus Chemicals grew to a US$100 mln company from nothing - but success wasn't always assured. In fact, delays in payments from customers almost made them go under.Founder Mike Grundy tells RIABU's Simon Littlewood and Mark Laudi what familiar early mistakes he made, and how he turned sales into cash.

On the RIABU podcast we aim to help SMEs get their invoices paid on time. But how do the big boys do it? Bill Padfield is a former CEO of Datacraft - a previously Singapore-listed company taken over by South Africa's Dimension Data and now part of NTT. In this exclusive interview he takes RIABU's Simon Littlewood and Mark Laudi into the tent to reveal the steps he took to turn a cash-losing S$350 mln business into the S$4 bln powerhouse it is today.

Australia's Small Business and Family Enterprise Ombudsman Kate Carnell is proposing to abolish Fringe Benefits Tax for two years, to help Small and Medium Enterprises in two ways: First, it would remove a compliance burden placed which bigger businesses are able to navigate much more easily. And second, they would benefit from increased sales as their customers wouldn't have to pay the tax on products and services they provide, and might therefore buy more. RIABU's Simon Littlewood and Mark Laudi debate the effectiveness of such a cut. Here is the release mentioned in the podcast: https://www.asbfeo.gov.au/news/news-articles/axe-fringe-benefits-tax-stimulate-cash-flow-ombudsman

Australian Small Businesses are reluctant to take up loans offered by commercial banks and guaranteed by the state. The Federal Government announced the Covid SME Guarantee Scheme March 22, and earmarked A$40 billion to guarantee 50% of loans. RIABU’s Simon Littlewood and Mark Laudi debate why SMEs are reluctant, whether they should take on such debt now, and whether SMEs can even meet the criteria of the banks to take them out in the first place.

Tens of thousands of companies in the US are quietly going out of business. According to Yelp, and reported by Bloomberg, 80,000 companies just canceled their leases, turned off the lights, and walked away between March 1 and July 25. SME owners lucky enough to have no debt or liabilities can put their businesses in stand-by mode and live to fight another day. RIABU’s Simon Littlewood and Mark Laudi discuss how SME owners can hibernate until the economy recovers.

Debt worth more than RMB 3.65 trillion owed by companies in China is due to be repaid to investors by the end of the year. The Chinese government is encouraging lenders to refinance, accept payment delays or find other solutions. Hear RIABU’s Simon Littlewood and Mark Laudi in a hilarious discussion about what SMEs can learn from this macro issue of bond debt.

A report by Euler Hermes refers to the government supporting businesses with cash as creating an insolvency time bomb, as this creates businesses that are just relying on government payouts during this time. They are known as "zombie companies". RIABU's Simon Littlewood and Mark Laudi talk about taking a hard look at your company to figure out if it's a zombie company. The report by Euler Hermes can be found here: https://www.eulerhermes.com/en_global/APAC/apac-economic-research/Calm-before-the-storm-Covid19-and-the-business-insolvency-time-bomb.html  

In many parts of the world a second wave of COVID-19 looks increasingly likely.With countries such as the United States, Spain, the Philippines, Hong Kong and others bracing for another wave of infections, business owners exhausted from the first wave can be forgiven for wondering how much longer they can hang on.RIABU's Simon Littlewood and Mark Laudi debate what this means for SMEs are facing a second wave of economic disruption.Here's the article Simon and Mark were referencing: ‘Calm before the storm’: UK small businesses fear for their future (https://www.ft.com/content/2bef51e5-f581-4ef5-af95-3c344ed7a238)