So the previous post established some of the problems that businesses are facing with regard to late payments and their future prospects.
Perhaps your business is facing these challenges?
Thankfully such a crucial business problem does have an effective and relatively low-cost solution.
The process starts by creating terms and conditions for your business. If correctly drafted, your business terms and conditions (plus client documentation) will help to ensure your invoices are treated with priority by your customers.
Of course there are other options. However credit insurance and credit factoring can be costly alternatives.
Our advice is start from the bottom and work up. After all, solid and well written terms and conditions can make a real difference to your business’ cash flow.
Two examples of this are:
1) by helping to prevent late payment by your customers
2) by providing real options in case of non-payment by your debtors