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Customers not paying came in as the number one risk in Builtin’s 2024 nationwide survey builders. This is a significant contributor to another risk in the top 10 – cashflow issues leading to financial strain on the business and the people who rely on it. Here are some suggestions that, if properly implemented, will significantly reduce the likelihood and/or cost of a customer defaulting on their debt.

What can builders do to limit their exposure to claims arising from poor tiling and waterproofing installation?

IPromise’s escrow app for contractors offers a simple, cost effective way to ensure you get paid immediately on completion of agreed milestones. There’s no more chasing of unpaid invoices or bad debts, resulting in improved cashflow and client relationships.

The top risks faced by builders were compiled during Builtin’s risk management workshops at the ITM LBP Training Days in 2024. Almost 1,000 builders, ranging from individual LBPs to owners of large construction businesses, were asked to identify the top 5 risks that would impact the survivability of their business.