- August 29, 2013
- Posted by: Taurus Collections
- Category: Uncategorized
After recent government figures showed us in the news just last week, the economy is continuing to struggle. All signs point toward a difficult 2012 for many businesses and collecting money owed from customers you have already supplied will be crucial to SMEs survival across the UK this year.
Whether you are considering outsourcing your overdue accounts to a 3rd party collection agency, or employing a full-time credit controller, or indeed have one, or a team, in place, only business owners who prioritise collecting money owed will be the ones who are most likely to survive another 12 months of decreased cashflow in the UK’s commercial markets.
Time is crucial to all businesses and having an effective collections operation in your business will save you time. In this sense, time really is money. When you push collecting money owed from customers to the top of your weekly schedule, you will not only see a sizeable improvement in your bottom line, cashflow will be increased, bad debt reduced, DSO kept to a minimum, allowing your company to re-invest and increase marketing expenditure with freed-up cash from old sales and grow from within.
Our philosophy at Taurus Collections is to be firm but fair with your customers. If they are struggling, then collecting money owed from them may be drawn out, but treat
your customers with fairness and keep talking to them through the bad times because
if we all dig together in these deep recessionary times we can all come out the other side successful together.