As we enter 2025, many businesses in Australia are facing significant economic pressure due to invoice payment defaults. Assure Global Plus CEO Michael Partis recently sat down with business strategist Paul Farmer, the founder of Mentoris Group, to discuss the underlying causes of payment defaults, the businesses most vulnerable to cash flow issues, and potential solutions that business owners can implement to prevent or resolve these challenges.
Businesses must recognise their worth and establish clear payment policies without fearing client pushback or the loss of business. This is especially crucial for small and medium-sized businesses (SMBs) in Australia today. So, how can businesses set themselves up for success, rather than constantly dealing with late payments or clients ignoring invoice reminders? No business owner wants to be in this situation, but there are ways to ensure that client relationships start off on the right foot.
Assure Global Plus uses various strategies to leverage the Security of Payments Act across different states, helping businesses resolve debts with minimal hassle. They also focus on assisting tradies and subcontractors, who often lack formal written contracts, by reconstructing agreements from emails, texts, and other communication. This helps create a legal foundation that demonstrates a contract exists, even if it wasn’t formally written with explicit Terms & Conditions.
This video also discusses a mindset shift toward viewing invoice payments as an investment in the future of a business relationship, rather than as a burden or inconvenience.
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