FIS Consultant Len Bunton shares his concerns about the payment and cash flow issues in the construction industry in the UK.
“Everybody who reads this will be acutely aware of difficulties in the current marketplace, and what I would like to do is to share some recent experiences and to highlight some recommendations to allow businesses to find a way through an exceedingly difficult period.
“What we have experienced recently as a number of significant failures of contractors and subcontractors in the UK, and there is no doubt that these failures result in a trail of devastation for the supply chain who have been involved. What members need to do is to minimise risk. I have recently been involved with a number of FIS members in dealing with payment and cash flow issues, and the level of difficulties that are being experienced is extraordinary and after 40 years in this industry I do not think I have seen so many issues arriving on so many projects.
Here, Len provides some suggestions and recommendations for you to take on board.
Members can see the full blog
These monthly Blogs are designed to help FIS Members avoid common traps and build on our focus on collective experience. They share ideas about improving the commercial management of your contracts. In other words, instilling best practice into the way FIS members run and manage their business. What I have endeavored to suggest is ways to ensure you get paid on time, and what you are due.