It's estimated that 50,000 companies fail every year because of late-paying customers. This costs the UK economy £2.5bn. Not being paid on time is often regarded as a risk of doing business. But it doesn't have to be like this.
Every business has to collect cash from its customers in exchange for its products or services. But being paid late creates massive problems for you: cashflow crunches, reduced profitability, stress, impact on customer relationships.
You need to ensure that collecting cash is a proud part of your organisation's culture. It should come as no surprise that the companies who are in control of their debtors are more successful.
Late payments and insolvencies will play havoc with your cashflow and erode your profit margin. Why should another party's bad behaviour disadvantage your business?
Credit control can be expensive. Do you really understand the cost in your business of delinquent debtors? Prevention is better than cure.
Do you dread having to chase that customer for payment? Will they do it again next time? If you're feeling an imbalance in your relationships, it's time to do something about it.
How much time, effort and emotion do you put into chasing debtors? Wouldn't it be great if payment of your invoices was a frictionless process that just worked. Think what else you could be doing with that time.
Who is responsible for ensuring bad debt isn't an issue in your business? You need to find a way so that all departments in your business are always thinking about getting paid on time. Not passing it on to another team.
DD is an assessment conducted in many areas of business. For Credit Managers, the thing we will de-risk is the most important part of your business... your cashflow.
We'll spend time with you reviewing areas such as
Online credit search tools have their uses, but they shouldn't be used in isolation. That's just a lazy approach to getting paid.
Don't overlook the value that a strong client relationship can have on your ability to collect cash.
We'll coach you in the following areas to optimise your cash collection from the strong relationships you've built:
Your Sales Communications are a key weapon in your fight for confident cashflow. How you communicate with your customers immediately before, during and after the sale can have a huge effect on whether you get paid on time.
We'll assess with you the impact of:
Many businesses misunderstand the role of invoicing. That done well, it can support future sales and business development, as well as supporting confident cashflow.
We'll consider with you:
As good as your business processes may be up to now, there's always the likelihood that a customer or two will be late in paying you.
When this happens, you must have the ability to move swiftly and seamlessly to a concentrated, professional credit control process so you can get your cash in the bank at the earliest opportunity and be fully prepared to implement any enforcement action which may be required.
We'll review with you:
Project Byron Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
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Sales Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
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