Tag Archive: debt recovery

  1. No holiday for your Cash Flow

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    Ah Summer Time…. A time for unnecessary sun cream purchases, lonely garden furniture and barbeques in the rain.

     

    However it’s also holiday season and just as business owners need to plan their own holidays, they also need to plan for the effect holidays can have. After all, you don’t want to be giving your cash flow a holiday too do you ?

     

    Wages still need to be processed and paid. Bills and invoices still require payment. Therefore you need ‘your own’ invoices settled promptly and accurately too, in order to keep the cash flow moving and ultimately allowing you to have a stress free, well deserved holiday.

     

    If you’re already a Corporate and Commercial credit control customer, then you can just kick back and relax, knowing that you have a dedicated credit controller to be on top of it all for you.

     

    However if you are short on time, resource or desire, you may need these tips:

    3 Easy Steps to Avoid Cash Flow Stress when on holiday.

     

    1. Remove any potential payment delays. If there’s a query that you’ve promised to resolve, get it done. Invoices are not going to be paid whilst an issue remains. Don’t give a debtor an excuse for delaying payment until you return by saying… ‘you were meant to sort that for me’.

     

    1. Invoice promptly and correctly. If there’s an invoice that can be raised, raise it. Even if it’s for part of a project, get the invoice raised. It’s better to have some monies coming in whilst you’re away than none at all.

     

    1. Plan for payment. Send an email with the invoices that fall due in your absence to your customers. Something along the lines of…. ‘Dear John, just a quick note to supply you with your invoice that will fall due on the 16th August. I’m away for a few days beforehand so just felt it prudent to get this across to you just in case. My accounts team are on hand should you wish to discuss this further, otherwise we’ll keep an eye out for your payment on the day’.

     

    In short, treat your accounts as you’re treating your impending holiday. Make a plan, prepare and execute. Taking these simple steps before you go can guarantee a good night’s rest whilst you’re away. Safe in the knowledge that you’ve done what you can to maximise the return of your monies.

    How can we help?

     

  2. Mental Health Week – We help remove the stress of getting paid

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    When Prince William, the future King, champions a cause, people usually sit up and take notice.

     

    One topic the Prince is bringing to the fore is mental health. So with this being Mental Health Week, we at Corp & Comm felt it prudent to highlight the steps you can take to reduce a business’ financial concerns and worries.

     

     

    There is a widely accepted link between financial wellbeing and mental wellbeing. Although it is the consumer element of debt that makes the news, there is a very real necessity and importance to address the requirement to have commercial financial wellbeing on an even keel.

     

    Research from Nesta, the innovation charity shows that 40% of British entrepreneurs have admitted that managing their finances and banking has become the most stressful part of running their business.  Being forced to give up evenings and weekends balancing the books, is unnecessarily burdensome. The stress is taking its toll with 17% saying it has made them unwell.

     

    Financial gain may not be everybody’s motivator but it is certainly an enabler. Every business owner knows that when their business is doing well, they can afford to pay the correct wages, order stock, invest in technology etc which in turns boosts everybody’s wellbeing.

     

    The simplest way of summarising how to achieve commercial financial wellbeing is this : Ensure that your incomings either match or are above, your outgoings.

     

    Ten Commandments of Credit Control

    We at Corp & Comm champion The Ten Commandments of Credit Control’ Through our training days and university presentations, we encourage everybody to factor at least one or two of the Commandments into their day to day credit control process, to ease the burden.

     

    Good credit control is measured by having a successful, robust process in place that can be applied to each and every matter, irrespective of size, age or customer. The ability to keep systems uniform, exact and regular removes the stress and anxiety of reaction and then action.

     

    Having a plan in place and sticking to it, allows each and every business owner to be confident in their ability to recover their monies and in doing so, move on to other more pressing matters whilst all the while maximising the payments into their bank.

     

    As we’ve said, finance may not be every person’s motivation but finance is both the key and the lifeblood to every business. Without cash, every business will fail. Simply apply just some of these simple steps and take action to ensure that your business’ finances don’t become an issue.

     

    If you would like further information or if you feel our credit control or debt recovery services could ease your burden, please get in touch