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News & Features

Thursday 18th November 2010
18/11/2010 - Cash flow is king!
 

It is very tempting for small and medium size businesses to become slack on their credit control procedures when the offer of new work is being waved in front of them. However, poor credit control and lack of cash flow is one of the major reasons for businesses failing. In these difficult financial times it is more important than ever to keep on top of your credit control and keep the cash rolling in. 

Remember, if you do not get paid for the work you are doing, then your business will suffer and the new work will do more harm than good. Always ask yourself; How am I going to get paid?; What if this client/customer goes bust?
 
Clients and customers will expect any reputable business to have strong credit control procedures in place and if they object to this then the alarm bells should start ringing.
 
SOME BASIC CREDIT CONTROL STEPS:
 
  • Get full payment on account to cover any anticipated outlays that you are going to have to make.
     
  • Get full or part payment on account to cover your own time or your ‘profit’.
     
  • Keep your client informed of your terms of business and payment from the outset and provide them with regular and updated cost estimates.
     
  • Invoice at regular intervals and if an invoice becomes overdue, do not do any more work.
     
  • If an invoice remains unpaid or for any other legal requirements, contact James Peterson for some initial, no obligation information.
 James Peterson
Solicitor, Gill Akaster LLP
01752 203520

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