Picture Credits : singsaver.com.sg

We all know that running a company isn’t easy. Sometimes you feel the need to pay your vendors later so that you can sort your own finances out at the end of the month. However, it is seemingly becoming regular practice that somehow it has started a negative effect on the economy. Most businessmen decide to stall payments so that they can wait till the end of the month to count their own profits before deciding to pay their vendors and this is just really bad practice. Not just for the vendors but also for the entire ecosystem. Stop thinking about the short term benefits and start looking at the bigger picture. Please consider the damages you will be making to the future of your own company as well as the vendor’s company. In addition to that, also think about how it will affect the economy.

Continue reading “Penny Wise, Pound Foolish – Why You Shouldn’t Pay Your Vendors Late”