How to get paid promptly with Lauren Woolley and Philip King FCICM

In this episode of "Minimise Debt, Maximise Cash with Top Service," Emma Riley, CEO of Top Service and the 2025 Credit Professional of the Year , introduces a discussion between Lauren Woolley, Head of Business Operations, and Phillip King, Non-Executive Director. They discuss practical strategies for getting paid promptly in the construction industry. Lauren emphasizes several key steps to increase the chances of timely payments: Agree to payment terms before the invoice is raised and submitted. Ensure the correct address and invoice terms are clearly stated on the invoice. Send the invoice to the right person and at the right address. Do not miss any relevant information, such as a purchase order, as this can delay approval and payment. For large sums or new customers, make contact shortly after the invoice is raised to confirm it's in the approval process. Phillip highlights the importance of proactive action before the due date. When an invoice becomes overdue, Lauren stresses the need to immediately follow up by phone and assertively ask for the money. She explains that if work or services have been satisfactorily provided, funds should be in your account, not theirs. Lauren advises making yourself "a bit of a nuisance" to get paid, as other creditors might be doing the same. The discussion also addresses concerns about alienating customers by chasing payments. Lauren believes that not being paid is a worse outcome than risking alienation. She suggests that by approaching debt collection professionally and with the right tone, businesses can earn respect rather than hostility. Phillip shares an anecdote about a past experience where his company was downgraded for not chasing overdue invoices, as the client viewed it as inefficient and damaging to their cash flow, ultimately changing the managing director's perspective on prompt follow-up. Both agree that immediate reaction to an unpaid invoice on its due date is crucial. For advice on getting paid promptly, listeners can visit the Top Service website or contact their member support team at 01527 518802. Emma Riley concludes by inviting listeners to connect with Top Service Limited on LinkedIn or check out the video version of the podcast on their YouTube channel for more tips on maximizing cash and minimizing debt in the construction industry. To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/ Music by Purple PlanetRead transcript