Many businesses we speak to swear-by one thing, and that is cash is king.
It is a much-used phrase in the world of small-medium sized businesses but the next consideration is how do you treat cash as king? Good, reliable credit control services for business, particularly for SME turnover companies, can be the lifeblood of their organisation and is often as important as the survival of the business.
Imagine a debt has not been chased until 60 days overdue. The company owner believes the invoice has been sent out and therefore payment will “automatically get paid” on 30 days, and thinks after speaking to the customer who didn’t have a copy of the invoice that payment on the following month (another 30 days) won’t do any damage. The following month on the due date (90 days) the customer raises a rate query on the invoice and this then takes 30 days back-and-forward in emails to prove the right figure was quoted and then the invoice will be paid on the next months payment run. We are now at 120 days, and good credit control services for business would have provided that business-owner with the resolution to these delays within days, not months.
Here are some points that credit control services for business can help with:
- Pre-emptive action – Call before the invoice is due, make sure they have a copy and that there are no problems with it (HINT: they nearly always tell you a payment date in this call, often without asking)
- Timely follow-up – Call on the due date and ensure credit control services for business procedure is followed, and then confirm the payment date is within the next 7 days
- Fast action on late invoices – strict procedures are crucial and knowing when to escalate the Debt to a 3rd party or Solicitor could be the difference between your business survival and its struggle to stay on the right side of a bank overdraft.
Fast, professional, and punctual credit control services for business can help you improve cashflow, reduce debtor days and earn respect from your customers that you are an organised and professional operation.
If you would like to chat about how we might be able to help you out with credit control services for business, please don’t hesitate to give us a call on 0843 309 1633 or email email@example.com