Protecting and maximising your business’s cash flow and revenue is essential in cutting costs, saving time and providing peace of mind.
If you haven’t yet been fully introduced to the benefits of credit control here is a short overview of the ways a managed process could make a difference to your business.
A timely and managed credit control process will ensure administration is always up to date. No more last minute chaotic catching up, reconciling bank accounts and paperwork and disputes with clients long after delivery.
In the long-run effective administration will save time and as time is money………
Effective credit control will allow you to get paid quicker which of course means you can pay your own suppliers quicker, avoid late payment charges, increase your own credit rating, and allow you greater confidence to invest.
What’s more, it will decrease the possibility of bad debts and ensure you get paid for the hard work put in, providing you with a healthier bottom line and happy investors.
- Managed Risk
As your business grows so does the risk of bad debt and reduced cash flow.
Managed credit control will alleviate these risks by setting payment terms, credit limits and prevent and detect fraud.
As the old saying goes ‘Cash Is King’ and this remains every bit as true in today’s business and economic environment. Without a fluid cashflow many business falter and fail. Managing your credit control will greatly reduce the risk of this happening.
- Repeat Business
Brand management and customer perception is everything if you are to keep your customers happy and coming back for more. As well as delivering quality products and services in a professional manner, the before and after service experience can add just as much to ensuring repeat business. A professional approach to invoicing and managing customer accounts will foster great customer relationships. The way you manage late payments and debt collection without demising customer relationships will increase your brand and public image. Win-win all round!
- Peace of Mind
Achieving peace of mind that your business is running productively and that you are on top of things will reduce stress levels and allow you to enjoy what it is you love most about your business; producing quality products, great service, happy customers, increased profits.
With managed credit control in place you will have peace of mind that your business has reduced risk, increased cash flow, maximised profitability, reduced costs, happy employees and investors, good credit ratings and happy customers returning time after time. 😊