It doesn't matter how much you like a bucket; if it won't hold water anymore, it's time to get a new bucket, and that is just what the government needs.
They are now embarking on yet another review of the Prompt Payment Code to try and make it actually work, and their plan to do this is to take advice from organisations like the City of London Corporation, Aviva and Barclays.
The zombie apocalypse could be coming sooner than you think, with R3, the Association of Business Recovery Professionals, warning that an even greater number of companies are now showing the hallmarks of being 'zombies'.
It's a term that rose to prominence at the height of the recession, and was used to refer to those firms capable of covering their outgoings, but only just - and which would therefore very quickly fall into insolvency if their interest rates rose, or their cash flow was interrupted.
Many small to medium-sized enterprises (SMEs) across the UK are effectively being forced to loan money to large firms interest-free, according to the Federation of Small Businesses.
In one of a pair of landmark reports issued since the beginning of the year, the FSB warns that late payments and unreasonable renegotiation of payment terms is taking money out of the hands of SMEs, and allowing it to languish for longer in the accounts of the nation's largest corporations.
Unless you have the luxury of an in-house credit controller - which is something even some larger firms can't afford - you might be tempted to take a head-in-the-sand approach to chasing overdue invoices, and simply try to pretend they never happen.
Sadly they do happen, even from trusted long-term customers, and that can lead in turn to some soul-searching: Why didn't they pay? Did I do something wrong? Is there no trust in business any more?
Late payment of invoices is now - for the first time in recent years - the single greatest risk to creditors, even outranking debtor insolvency in a report from credit risk insurer Coface UK.
According to the insurer, 60% of the claims it received in the first nine months of 2013 arose due to "a customer's protracted default" - that is, either late or non-payment.
The Professional Contractors Group have called for an anonymous hotline to be created, allowing small business owners to 'name and shame' large companies that pay late or otherwise try to use their 'brand power' to manipulate payment terms.
While the PCG are calling it a 'witness protection' hotline, we prefer to call it Slimeshoppers, as it doesn't get much lower than a big business trying to use their size as an excuse to withhold payment to small suppliers.
Slow payments represent a substantial risk to small and medium-sized businesses, who must often meet the cost of materials and labour for a month or more while waiting for customers to settle invoices.
But SMB cash flows were recently given what seemed to be a much-needed shot in the arm, in the form of the Prompt Payment Code - a commitment from big firms to pay their invoices as soon as reasonably possible, rather than withholding important funds from their SMB suppliers.
The world of credit control brings to mind the infamous Donald Rumsfeld quote:
"There are known knowns; there are things we know that we know. There are known unknowns; that is to say, there are things that we now know we don't know. But there are also unknown unknowns - there are things we do not know we don't know."
Admittedly he was talking about weapons of mass destruction, but the same applies to your customers' financial situations, and effective credit control eliminates as much of the 'unknown' as possible, and maximises the 'known knowns'.
A recently published Late Payments Report makes 11 recommendations that MPs believe could help small businesses to receive what they are owed more promptly from their big-business customers.
MP for Oldham East and Saddleworth Debbie Abrahams convened and chaired a cross-party parliamentary inquiry into the issue of prompt payment for small businesses, which heard evidence from several large FTSE companies, as well as affected SMEs.
If you're a Guardian reader, you may have seen Safe Collections' collections and partnerships manager Adam Home quoted in a Guardian Professional article on May 12th.
Tim Aldred's piece looked at the case for credit control teams as a way for businesses to safeguard their cash flow and, ultimately, to stay in business by avoiding late payment.
Adam was happy to share his ideas with Tim for the piece that you can find here: "Does your business need a credit control team?" ((c) Guardian News & Media Ltd) and we're going to expand on some of those points below.