Unlock the Secrets to Timely Payments in Construction!

In episode 48 of The Subcontractors Blueprint podcast, Jacob Austin of QS.Zone dives into the top ten issues causing late payments for subcontractors in the construction industry. Jacob offers practical advice on timely payment requests, proper invoice formatting, and meeting payment prerequisites. He stresses the importance of clear communication, understanding retentions and discounts, and navigating contract terms. Additionally, Jacob discusses the impact of project changes and the financial stability of main contractors. This episode is packed with insights to help subcontractors enhance cash flow, ensure profitability, and foster business growth.

KEY TAKEAWAYS:

• Understanding when to ask for payment.


• Knowing correct format for submitting invoices or applications for payment.


•  Being aware of prerequisites for payment.


•  Addressing impact of changes, denial of payment, or reduced payment for completed work.


•  Other episodes mentioned in this show:

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  Episode 11 - The Impact of Insolvency: https://podcasts.apple.com/gb/podcast/the-subcontractors-blueprint/id1701638267?i=1000635658745

  
  

  Episode 30 - 5 Steps to Change Success: https://podcasts.apple.com/gb/podcast/the-subcontractors-blueprint/id1701638267?i=1000645932166

  
  

BEST MOMENTS:

"Late payment to subcontractors continues to be a blight on the industry, and cash needs to change hands really quickly to keep the big old wheels of the industry turning”

"I’ve seen firsthand the devastation that gets left behind when a contractor goes bust partway through a project, leaving someone else to step in and pick up the pieces.”

“If it doesn’t feel right, it probably isn’t right. Protect yourself, protect your livelihood, and the livelihood of all the guys that work for you.”

“You should make it as easy as you possibly can for the contractor to pay you as much money as you ask for."

Jacob is on a mission to help the 1 million SME contractors working within the construction industry. If you've taken something of value from this episode, please share the podcast with someone you know, and pass the value on.

HOST BIO: Meet Jacob Austin, a Chartered Quantity Surveyor with a rich background at construction industry giants Balfour Beatty, Kier, and Vistry Group. With extensive involvement in education, health, and residential projects spanning various scales, from £1000s to £100M in concurrent developments, Jacob brings a unique perspective. Having collaborated with numerous small businesses, he's now committed to sharing his expertise to drive their success. Join Jacob on his podcast, where he blends his profound insights and personable approach to offer guidance, industry secrets, and inspirational stories.

LinkedIn - www.linkedin.com/in/jacob-austin/

Instagram - www.instagram.com/qs.zone/

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