Hundreds of consultants’ practices share common management problems when it comes to billing & collection. In the first of a two-part feature, Simon Brignall highlights some of the most worrying.
Over the last five years, I have met hundreds of consultants and so I have been exposed to a wide range of themes relating to their billing and collection challenges.
As I came from a finance background, I was surprised at what I came across, but soon found they were not isolated cases.
I thought it would be useful to share some of the main issues that are far more common than might be expected.
Key person dependency
This is when one of your employees is solely responsible for something and there is no back-up plan for the impact this key individual’s loss would have on your business.
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