Slow payments affect MORE than just the subcontractor | Walkthrough Wednesday
Built with Billd
English - December 01, 2021 10:00 - 7 minutes - 10.8 MBManagement Business Education commercialrealestate construction constructioneducation constructionfinancing contractors funding materialpurchasing materialsuppliers purchasingterms subcontractors Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
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Slow payment will cost the construction industry $136 Billion in 2021.
Slow payments drastically decrease your cash conversion cycle and make it impossible for you to increase the number of jobs you’re on.
When subcontractors are forced to cover the cost of wages and materials before being paid, the costs are passed on in the form of higher bid prices and project delays.
How are you suppose to grow your revenue if you’re constantly waiting to be paid for the work you’ve done?
It’s not easy.
However, there are a few things you can start doing today.