Are you going to be a wise monkey in these times of uncertainty ?

It may well be that inflation is finally reducing but so far, this is the only good news on the horizon.

Interest rates are still being held at their highest rates for a decade, business insolvencies continue to be on the rise and until the Election comes around, there remains an air of uncertainty in most industry markets.

Effectively there continues to be a squeeze on a company’s budgets, many items are less affordable than before but if they are essential, then does a business have any choice but to purchase the same volumes but at an increased price.

 

Let’s not forget also that many companies are experiencing less sales revenues because of either a declining customer base (more insolvencies) or because customers are buying less (higher prices).

All this means :  Reduced revenue income – increased purchase costs = Lesser retained cash reserves.

 

So in these times of less readily available monies, how do you maximise your chances of being paid ?

We love our fables here at Corp & Comm and one that is especially appropriate at this time is the tale of the Three Wise Monkeys.

Let’s us provide a few simple steps to follow and aid you in NOT becoming a business monkey :

 

1, Don’t be Mizaru (See no evil) – You must identify your exposure and risk.

Analyse which of your customers are taking longer to pay you and whom perhaps have ordered more than normal. This could be an indicator of ‘over-trading’. Remember until you are paid, it is you who is carrying the burden of your customer’s business, not them.

 

2, Kikazaru (Hears no evil) – You should act upon the facts.

Don’t be scared to discuss your outstanding accounts with your customers. It might not all be bad news. Best case scenario, they agree a schedule to pay you. Worse case scenario, they admit they can’t pay now but you reach a payment proposal that you can budget towards.

 

3, Iwazaru (Speaks no evil) – Don’t let sentiment get in the way of your business.

If you are not getting any response from your actions, or indeed you don’t want to address or don’t know how to address these challenges, then don’t simply sit back and cross your fingers hoping to be paid.

 

Help is at hand. Give Corp & Comm a call and utilise your skilled, expert recovery partners to not only increase your cash-flow but also maintain your customer base.

Both business essentials in a financially challenged economy.

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