The next time your small business customers ask for advice about improving their cash flow, a key question to ask is how they’re handling their debt. Do they have habitually late payers? What is their credit checking like? Do they have robust systems in place for getting paid?
Establishing efficient systems means that not only will they get paid faster, but theyâ€™ll also reduce the risk of late or non-payers. The more robust their payment and credit systems are, the less their chances of having to chase up debtors. At the end of the day, preventionâ€™s infinitely better than a cure.
Have a look at your small business resources and see what you’ve got around setting up proper payment and credit systems. Talk to your small business customers about your range of payment solutions and see if you can’t help tailor a package that will help them get paid faster. Offer them advice on how to chase up late or non-payers.
This is a good article to share with them.