Alarm Bells: When to Move on

Whether you are an employed security professional, self-employed or director of a security company during your career you will experience difficulties getting your money paid for your services. In our experience, during this period the companies in liquidation will start up with a new outfit leaving staff and any creditors out of pocket. There are many examples for this in the security industry and we keep a track of the owners and directors who are folding a company and re-starting immediately with their family members or associates being the director of the new company. We also track all UK security companies and credit check them and advise our members who may be affected.

Example 1: Employed Security Professional

You work 30 days and get paid within 10 to 15 days. You will have worked 45 days when you first realised you have not been paid. While your employer makes you promises for payment you have worked almost 60 days without pay. 

Example 2: Self Employed Security Professional

If you are regularly carrying out for a company you will either invoice every 2 weeks or 30 days and get paid within the next 30 days. You will have worked 60 days when you first realized you have not been paid. While your employer makes you promises for payment you will be into your 3rd month without pay.

Example 3: Security Company Director/Owner

You may be providing services directly to end-user or subcontract to another security firm. On many occasions, there are many subcontractors within the chain under the company who won the contract. Any issues with either end user or any of the companies in the chain can affect your payment.

THE SOLUTION

Employed:

If you are employed, we will automatically update you with any changes in your employer’s status and credit changes

Self Employed & Director/Owner:

1)     Vet and credit check your clients via SIU before offering services in credit (www.the-siu.org.uk)

2)     Opt-in for monitoring and alerts for your clients via SIU (www.the-siu.org.uk)

3)     Keep invoicing to a minimum, for example, invoice for every week

4)     Keep payment terms to a minimum, for example, payment within 5 business days

5)     Report slow and non-payers to SIU (www.the-siu.org.uk) and seek assistance for recovery

If you have any questions, please feel free to comment here or send a private message.

Tolga Kavak