Serious payment and cash flow concerns are still affecting the Scottish construction industry.

According to a recent poll by the Construction Industry Collective Voice (CICV), construction enterprises in Scotland are still burdened by the epidemic of late payments, unpaid retentions, and unexpected costs.

Approximately 68% of respondents to the body's comprehensive survey stated their payment conditions had been negatively impacted, with 60% saying payments had been adjusted with little to no explanation.

And 69% of those polled stated that the time and expense of pursuing unpaid debt was their biggest issue with receiving payments.

An realistic picture of the current financial environment in the Scottish construction industry was sought after by the collective's poll on cashflow and payments.

Its principal conclusions, which were addressed by companies that work in the public and commercial sectors as both main and subcontractors, included:

52% say they still experience difficulties getting retentions paid.

44% of respondents said they had been slapped with unforeseen charges.

40% admitting that their payments were "often or frequently" decreased

30% claim that late payments have a "significant impact" on their business.

"From these data, it is evident - and rather distressing - that cashflow and payment issues are still huge problems in the construction industry in Scotland," said Len Bunton, chair of the CICV's Pipeline & Commercial sub-group.

Even if there is evidence that solutions like project bank accounts and the Conflict Avoidance Process do work and assist to improve crucial cashflow, it is particularly upsetting to see so many financial disputes continue going through expensive adjudication.

In addition, the survey requested anecdotal proof of cash flow and payment problems as well as recommendations for how to make the existing situation better.

In order to address the difficulties raised in the survey, the CICV is now developing a number of strategies, including the impending release of a best practise manual. Additionally, the collective is preparing an online seminar where it will provide contractors with helpful tips on how to prevent payment issues.

The numerous problematic issues raised by this study only serve to underscore how important it is for the sector to find solutions before problems turn into disputes, continued David MacDonald, a member of the CICV's Pipeline & Commercial sub-group.

The CICV will soon publish a best practise guide that will be used to help contractors be far more aware of potential issues and hazards as well as eradicate poor commercial management.

At XFS Limited, we are committed to creating solutions specifically for our Scottish enterprises.

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Receiving payment on time ought to always be a pleasure, not a relief, but in practise, things won't improve unless something is done about it.

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St. Mirren Business Club Supporting Local Business Network

We at XFS are incredibly honored and happy to be part of the St. Mirren Business Club. The St. Mirren Business Club is a highly supportive group of extremely motivated and passionate local businesses.

Team XFS is thrilled that its beloved mascot Titan made his very first appearance at the St Mirren Business Club in support of Ex Footballer and business leader Ludovic Roy and Professor Susan Moug's health and wellness initiative.

Titan, a symbol of strength and passion, encourages our community of footballers that work with greater purpose and serve the community and country, as Ludo does, and by doing so, have a greater positive impact on all our lives.

We value Ludovic Roy and Professor Susan Moug sharing their research and new wellness and preventative care initiatives with a focus on oncology prehab and rehab clinics last night at the St. Mirren Business Club.

We are extremely proud to support the football heroes in their new business ventures.

Titan made his very first appearance at the St Mirren Business Club in support of Ludovic Roy and Professor Susan Moug's health and wellness initiative.

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Debt management and cash flow management: Reflections for Burns Night

Every year on January 25, people all around the UK dress their tartan, whip up some delicious haggis, and recite some poetry in honor of Robert Burns, Scotland's most beloved son.

But Burn's Night is more than simply an excuse to sing along to Auld Lang Syne and hoist a "wee dram" of whisky.

Who was Robert Burns and why do we commemorate his birth?

1. Robert Burns, who is usually recognised as Scotland's national poet, was born on January 25, 1759, in Alloway. He has the third-highest number of statues honouring him worldwide, after only Christopher Columbus and Queen Victoria.

2. Charlene, Princess of Monaco, Alicia Keys, Etta James, and Virginia Woolf are among the prominent women who share Burns' birthdate.

3. Rabbie Burns continues to be adored and has sparked contemporary interpretations of his works. While John Steinbeck's "Of Mice and Men" is thought to have been inspired by Robert Burns' poetry "To a mouse," J.D. Salinger's 1951 novel "Catcher in the Rye" is thought to have been based on the poem "Comin' Thro the Rye."

4. A tiny collection of Robert Burns poetry was transported into orbit by British-born astronaut Nicholas Patrick in 2010 during a two-week space mission. 217 Earth orbits have been accomplished by Burns' poetry.

5. One of Burns' most well-known compositions is "Auld Lang Syne," which is customarily sung at the stroke of midnight on New Year's Eve. Auld Lang Syne is one of the three most popular songs in the English language, according to the Guinness Book of World Records, along with "Happy Birthday" and "For he's a jolly good man."

6. Burns' DNA was quite remarkable; his cranium was larger than the normal man's! After his body was unearthed in 1815 and a plaster cast of his skull was removed for analysis, the finding was made.

7. In 2009, Robert Burns was the first person to appear on a Coca-Cola commemorative bottle.

8. Are you trying to find the most extensive body of Burns' work? It can be found in Glasgow's Mitchell Library, which also has more than 30 other language translations of his works.

9. Robert Burns had a sizable family. With at least four separate women, he fathered at least 12 kids. Maxwell, his youngest child, was born the day after Burns' funeral.

10. Burns had a brief life; he passed away in 1796 at the age of only 37 from an undetermined cause. Most people believe he passed away from a blood infection after having a tooth extracted.

11. However, there is a more depressing aspect to one of Scotland's most famous figures beyond the Selkirk Grace. Robert Burns passed away with debts. While he earned £100 annually. He had an annual debt of £110 total. He had accumulated unmanageable debts in an effort to promote his writing, and when he tragically got sick and couldn't work on his farm, he was unable to pay his debts back.

According to Dr. Clark McGinn, who conducted research for a book on the poet, this indicates that his income was £7,676 annually, and his total debt was £8,443 annually, owing to 6 creditors.

Debt issues can impact anyone - Robert Burns Debt Cause

Sadly, if Robert Burns dreamed of life after debt, this dream would have never come true.

In fact, it was reported that he had to borrow money from family friends even as he lay dying to pay off a tailor who had been bugging him about the cost of a military uniform.

Like many other great artists, he never had full recognition for his work while he was still alive, and as a result, he never collected royalties.

Robert Burns tale is similar to many modern Scottish businesses, where a loss of income caused by a period of low cash flow due to unpaid invoices resulted in an unmanageable debt amount.

Indeed, XFS limited over the years have been servicing business that is struggling with overdue payment collection and unpaid bills.

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Robert Burns Debt Legacy

There’s a tragic irony that for a man with so little wealth to his name whilst still alive, his face would be used upon our Scottish banknotes as a modern tribute and that the Clydesdale Bank would use the quote ‘I’ve seen the Oppressor’s cruise smile amid his hapless victim’s spoil‘.

Its perhaps fitting that in one of Burn’s most famous poetry works, To a Mouse, he wrote:

“The best laid schemes o’ mice an’ men Gang aft a-gley, An’ lea’e us nought but grief an’ pain For promis’d joy.”

Whether you celebrate Burns Night or not, there’s something in this line that we can all relate to.

If you are finding that you’re worried and stressed over your unpaid invoices, it can be hugely uplifting to take the first step of seeking help.

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