Growing pains: How do I start accepting larger payments?
I have been running a small decorating company for a long while and usually generate revenue in the £10,000s each month.
I've just been approached by a client and they want to offer a large project, more than all the work I get from all my clients at the moment but they only want to put a deposit to start and pay the rest on completion. As I usually deal with smaller clients I usually receive all or the majority of the payment upfront.
I am aware that taking on a larger client can use up a lot of my resources which is why I am reluctant to only take a small deposit to start with.
How can this be handled?
I can get the resources on load/credit but then if the project fails mid-way through I could be in loss. What protection can I get that if I accept the project that I will get all payment on completion or if the buyer cancels midway I wont be left with a loss?