Speeding up Cash Flow

Discussion in 'Cashflow forum' started by simon.hampton, Mar 22, 2010.

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  1. simon.hampton

    simon.hampton UKBF Newcomer Free Member

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    Our top tips are available on our website. Of all the advice I believe the following are very important:

    1. Make sure you know who your customer is, if there is doubt then get payment or part payment up front. Remember there are some customers with whom you would be better off without!

    2 Make sure you get customers to read understand and sign your terms. The terms should be explicit about when you expect your payment. You are better off stating X days rather than upon presentation.

    3 Invoice regularly and ensure the invoices are accurate in every respect

    4 Plan in chase calls about a week after invoice dispatch and call BEFORE the money is due. This changes the dynamic of your chase activity to a service call rather than a debt chase.

    5 Keep accurate notes just in case you need to take action later

    Include all of the above in your business process and ensure you operate your chase activity consistently, that way you will educate your customer, strengthen your relationship with them and get paid!

    This activity can be outsourced successfully (see our website for case studies). If you consider this as an option, make sure you are not outsourcing to a “sausage factory”. Undisclosed service, the outsourcer working in your name, focused on telephone contact works best.
     
    Posted: Mar 22, 2010 By: simon.hampton Member since: Oct 21, 2008
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