How to identify customers who won’t pay
Offering credit as a payment option can open your business up to new customers. However, when offering credit, you are essentially financing your customer’s business while taking risk on yourself. To safeguard your cash flow, it is important first to do your homework and ensure your prospective customer is worthy of credit. There are many…
Read More5 steps to getting paid more quickly
Getting paid on time is a common point of pain for many small business owners, especially those who are just starting out. It doesn’t matter how many sales on credit you make, at the end of the day, money not yet received won’t put bread on your table or keep your business afloat. You’ve got…
Read MoreTips for setting up your trade terms and conditions
You’ve got your big idea, your products or services are ready to go, and there is certainly interest from potential customers. As a small business owner about to launch operations, one of the top tasks to check off your list should be setting down your terms and conditions. Terms and Conditions (T&Cs), sometimes known as…
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Thursday, 5 October 2017
Debt collection for small businesses: Tips & Tricks
At some point, every operating business whether large or small has had to face, or will possibly have to face, a situation involving debt collection. In today’s fast-paced economy, some customers may be having more difficulty than normal paying their overdue debts. For small business owners, navigating these waters can be a little tricky. Recovering…
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Monday, 3 July 2017
Need to Collect Outstanding Debts from Customers? 5 Things You Need to Know
When it comes to debt collection, no one wants to end up in a awkward situation! Whether it is an unpaid bill of a hundred dollars for goods sold or thousands of dollars in services rendered, many businesses face the prospect of debt collection on a daily basis. At some point, every company or business…
Read MoreHow to Collect Debt for Small Businesses in Australia
Effective Small Business Debt Collection Procedure A good collection procedure ensures that by collecting debts owed to you, any sales made will add to the profitability of your small business. Without sound debt collection procedures, regardless of what the profitably was in the sale, unless you receive payment the job becomes nothing more than an…
Read More4 Steps to Lowering Your Days Sales Outstanding (DSO) Forever
TThe heart of any business will stop beating unless the business maintains an uninterrupted flow of cash. This cash isn’t found in unsent invoices or unpaid invoices. It’s the real, received cash that is physically in your account. Each day your company’s “heart” is denied access to paid cash, your business is also denied the ability to generate more…
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