New research conducted by marketing agency and brand blueprinting consultancy Unrival is set to reveal which clients offer the worst payment terms and also which clients fail to even meet their own payment terms at a forthcoming Drum Network event in London.
Bristol-based Unrival has completed a study of the top 1,000 UK companies who don’t pay their bills on time. Sustainable and consistent cashflow is the lifeblood of every thriving agency and clients who do not pay on time remains one of the biggest challenges for agency owners and management teams looking ti run a solid business.
The study focuses on the top 1,000 UK companies, by revenue, in order to understand which companies are good at keeping their word to suppliers in paying their invoices on time and who aren't. The study also looks at how late some clients pay their invoives in order to give agencies an idea of who is a good clients to work for and who could cause problems.
The research is a new tool for companies to benchmark their client relationships, to ensure they have a balanced portfolio of clients. The report allows businesses to avoid the cashflow nightmare of on-boarding a new, high value client only to find they are a notoriously bad at paying their bills.
The study is not about naming and shaming companies who are or have put suppliers on 90-180 day payment terms, or creating ‘pay to play’ schemes. The study is about uncovering how good companies are about keeping their contractual promises to their suppliers.
Maxwell Painter, CEO of Unrival, said “We wanted to develop this study to understand the reasons why people at the head of high invoice delinquency companies have made the decision to take this course of action. Why do the companies think that they are fuelling their UK economic growth by squeezing suppliers?”
Maxwell will be speaking at The Drum Network’s chapter event in London (5th October) and Bristol (7th October) next week, Clients Who Don’t Pay the Bills & How Public Speaking Can Raise Your Agency’s Profile, discussing how companies can avoid these big brands that look great on the client list, but not on the financials. The report will be available for people who attend and there will be an exclusive platform in which attendees can cross check potential clients or current clients for invoice delinquency.