ROLEX CARPENTRY

AND ROOFING
Research Aim
To investigate how long it takes for Rolex
Carpentry & Roofing to receive payments from
customers after work has been completed.

Create a report advising Rolex Carpentry what

they can do to reduce Debtor Days.
Background
Many businesses in the UK grant credits in the UK, that includes non-financial firms like
Rolex Carpentry, they don’t physically lend cash out, but they complete work and then
request payment and till that payment is received the customer is then in credit to the
company. 'The credit terms and credit periods established between businesses vary in
relation to product characteristics, customer characteristics and location, trading
relationships and market structure’ (Wilson, n.d.)
Late payments have always been around, and they will continue to be around but it how you
enforce these payments is what makes a difference to your business. Small companies are
more likely to take a hit from late payments as they don’t have the financial resources to
absorb the problems that come with late payments.
The government has vowed to help small businesses get their payments in a fair amount of
time, that won't cause their business harm. ‘Government proposals to give more powers to
the Small Business Commissioner (SBC) to help small firms with late payment, proposed
new powers include ordering businesses to pay in good time and issuing fines if they do not,
ordering companies to share information on payment practices and the power to launch
investigations. £23.4 billion worth of late payments currently owed to small businesses in
the UK, impacting on cash flow and threatening the survival of small firms during the
COVID-19 pandemic.’ (Government to protect small businesses with action on late
payments, 2020). Generally, the lower the debtor days are the better so it is always vital to
try and get this number as low as possible to avoid disrupting your business.
Research Objectives
Primary Research
Create a survey containing 5-10
questions to find out what people think
is the best way to encourage customers
to pay on time by 1st December 2021.
Create a questionnaire to find out what
insensitive can be used to encourage
customers to pay their invoice earlier
rather then last minute or late 21st
January 2022,
Hand out the survey and questionnaire
and then analyse the answers to find out
the most common answers by 12th
March 2021.
Secondary Research
Use the government website to research
what laws and legislations are available
for small companies dealing with late
payments by 14th December 2021
Use data available online to investigate
which industries are effected mostly by
late payments and whether construction
is effected by 31st January 2022.
Use data available online to see what are
the best methods used to avoid late
payments and what can be done to avoid
them by 05th March 2021.
Methodology
Primary Research (Quantitative methods)

Survey & Questionnaire

- Original data
- Always up to date
- Specific and subject related data
- Control of data/information
- Efficient Spending (Advantages of Primary Research - KnowThis.com, n.d.)

Secondary Research

- Government website & Information available online

- Widely available and easily accessible.
- Can be conducted quickly
- Cost effective (Benefits of Using Secondary Data Analysis for Your Research, n.d.)
 REFRENCES
Wilson, N., n.d. [online] Cmrc.co.uk. Available at:
<http://www.cmrc.co.uk/wp-content/uploads/PaymentTrendsandBehaviour.pdf> [Accessed 20
October 2021].

GOV.UK. 2020. Government to protect small businesses with action on late payments. [online]
Available at: <https://www.gov.uk/government/news/government-to-protect-small-businesses-with-
action-on-late-payments> [Accessed 20 October 2021].

KnowThis.com. n.d. Advantages of Primary Research - KnowThis.com. [online] Available at:

<https://www.knowthis.com/data-collection-primary-research-methods/primary-research-
advantages/> [Accessed 21 October 2021].

Alchemer. n.d. Benefits of Using Secondary Data Analysis for Your Research. [online] Available at:
<https://www.alchemer.com/resources/blog/secondary-data-analysis/> [Accessed 21 October
2021].