ACTING WITH CONFIDENCE
out of pocket. The client only paid for work completed. From that point on I realised: if it works on a £1 million project, I can scale it down to a kitchen installation or up to a monster build. It gives the client full control of their money – no 20–30% deposits. And the contractor avoids massive financial risks. “With fortnightly billing, cash flow is smooth and the sleepless nights disappear. It removes bad payers because they don’t get the freedom to drag things out. “That horrible feeling of chasing a final invoice disappears. And when payments are smaller and more frequent, it’s far less risky than waiting on a big 20% lump at the end.” Just so you know, the project, which involved the conversion of two listed buildings into six apartments and a shop, turned out beautifully. (See ‘Woodward’s bold new payment plan’ boxout.)
Woodward’s bold new payment plan
Craft your culture For KingsRock Construction in Hastings, being bold meant reconsidering how it operates. “We’ve shifted from a traditional contractor mindset to becoming a business that simply does the right thing, even when it isn’t the most profitable route,” says Operational Director Victoria Collins. When margins are tight and competition fierce, taking such an approach requires courage. “It meant slowing down, prioritising people, and putting clients, labour and our own team first,” Collins explains. “Through lots of small but meaningful changes, morale has
authorise it, and payment is made. In the age of online banking, there’s no reason payments should take more than a couple of days. ● ”You have to believe in what you’re saying and what you can deliver. If you can’t deliver it consistently, it won’t work and you’ll lose confidence in your own system.”
● ”We use a running spreadsheet for every project. ● ”Every two weeks I issue a call-off. ● ”I invoice on a Wednesday for
payment on Friday. If payment isn’t made, the guys don’t turn up. It’s clear-cut, and clients are on board.
● ”Each week the client gets an
updated spreadsheet with any extras or changes. They
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