Credit control practices to leave in 2017
As 2018 takes full control, we think there’s definitely some credit control practices that can stay in 2017! Not only will the change in thought and action make you think more clearly, it will also allow you to adapt your processes so you begin to embrace the new year on the front foot!
Regardless of what industry you are in or what your business does, there’s certain credit control practices that we think would be better left in 2017.
1. Using manual processes
Slow paper-based systems and a lack of automation were the two biggest causes of late payments in 2017 which is quite believable. What this suggests is that by ditching your slow and manual processes you could improve payment times. As 2018 continues, it’s a good time to improve your in-house processes and get your credit control performance tightened up.
2. Continuing to supply late payers
Whilst ending customer relationships is a last resort, when those customers are coming between you and a healthy cash flow, they are arguably no longer worth the money they spend with you.
However despite this, many businesses continue to work with those who pay late with few repercussions for their poor behaviour. In reality, late payers who persistently fail to pay are never likely to change their ways if you allow them to keep getting away with it. Of course, if you are struggling to recover monies from a B2B customer, get in touch with our debt collection agents here at Cobra Financial Solutions. We are here to help get back what is rightfully yours.
3. Letting large businesses bully you
Late payment continues to cause cash flow problems for small businesses. This is an unfortunate reality in the world of business. It’s therefore essential that you take the steps to protect your business from bullyish behaviour that some bigger companies try.
Understandably, many small businesses feel as though they cannot respond adequately to large businesses due to the value of the contract, and the prestige of being associated with such a big brand.
With the new year upon us, it’s now time to put your business first. And, if they value your product or services they will respect your payment terms. If not, panic not. As a professional, persuasive and persistent debt collection agency, Cobra Financial Solutions are here to help get back what is rightfully yours. With offices in the North and South of the United Kingdom, we are sure to have debt collection agents available to help you today!
4. Wasting time chasing old debts
As debts get older they become harder to collect, which can consume a great amount of your time and resource.
Every second you spend chasing a dated invoice means that in reality you’re taking time away from newer invoices that have higher chances of collection.
Neglecting the remainder of the sales ledger in this way can lead to more severe problems further down the line.
So, if you don’t have the necessary resources in-house to commit to chasing these old debts alongside the newer additions you might benefit from outsourcing these overdue invoices to a specialist debt collection agency such as Cobra Financial Solutions.
We make things as simple as possible for you. We make it possible to outsource one-off debts as and when you need assistance. Alternatively, it could be beneficial to opt for ongoing support with all invoices which reach a certain age so that you can concentrate on other invoices knowing that your aged debts are in safe hands.
Working in this way, Cobra Financial Solutions are able to become an extension of your credit control team working with you to get the best results for your business.
To find out more, don’t delay in getting in touch today. We’re here to help!