Construction body issues guide to help SMEs with cashflow

Wednesday 22nd February, 2023

The Construction Industry Collective Voice (CICV) has published a Best Practice Guide to help small firms that are contractors and sub-contractors with payment and cashflow issues.

The guide is compiled by more than a dozen industry experts, offering a wealth of practical information, demonstrating how to take control and proactively deal with a range of issues to enhance the entire contractual chain. According to a CICV news item.

Industry consultant Len Bunton, who is Chair of the CICV Pipeline and Commercial sub-group, said: “Our highly-experienced contributors have walked through the construction process, giving their best recommendations on how to do things better day-to-day. A lot of the problems we deal with are self-inflicted, so we have gone back to the basics of improving the way in which commercial activities are carried out.

“This is not rocket science, but it’s clear the whole process needs a massive shake-up. Following publication of the guide and our webinar to take the supply chain through it, I am confident we can get change into the UK industry.”

Mr Honeyman said: “Agreeing a mutually beneficial and collaboratively agreed contract is the first, vital stage in any construction project, and an area in which can lead to costly and damaging disputes.

“The CICV has therefore looked at the most common reasons for payments being delayed and changed, and has prepared this guide to help companies and individuals understand how to avoid them.”

The Best Practice Guide and webinar are the latest in a string of practical and constructive initiatives launched by the CICV since its creation as the Construction Industry Coronavirus (CICV) Forum in March 2020.