10 ways to help you get paid on time EAST Lancashire company bosses have been offered a 10-point checklist to help ensure they are paid on time.

Recent research carried out among small and medium-sized companies, showed that protecting against late payment is one of the biggest problems they will face in 2001.

Almost half of the companies surveyed placed cashflow management at the top of their agenda in the fight for business survival.

To avoid late payment difficulties, Bibby Financial services have offered the following guidelines:

* Credit check potential customers. Winning a new customer is one thing, getting paid can be harder.

* Agree payment terms in advance. Make sure customers understand that the price of the goods is linked to your credit terms.

* Send out invoices with goods. If you delay, you cannot expect to be paid on time.

* Keep documentation clear. Send accurate invoices to the right person at the right address.

* Collect money on time. Have a collection timetable and stick to it. If a promised cheque fails to arrive, chase it immediately.

* Communicate effectively. Ensure existing customers are aware of any due invoices.

* Give priority to largest accounts. Non-payment by big customers will have the biggest impact on profitability.

* Have the right attitude. Do not be embarrassed about discussing money. If you have kept your side of the bargain, you have the right to be paid.

* Keep clear records. All contact with customers should be logged, even telephone calls.

* Review credit-checking procedures. Aim to run credit checks on clients on a bi-annual basis.

David Robertson, chief executive of Bibby Financial Services said: "For every day a customer delays payment, your profit margin diminishes.

"Exercising tight credit control not only helps to keep cash flow running smoothly, but also helps to identify additional funding requirements at an early stage."