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The Cheque's in the Post!

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Good businesses can't always be defined by the number of orders they have on their books or if trading appears to be going well. In a time of recession or in the popular phrase 'credit crunch' this is truer than ever.

To put it simply 'cash is King' and cash flow goes right to the top of the agenda. The cheque's in the post is often a comical term, but it has a hollow ring when cash is in short supply, as it is now.

There are some simple steps that can be taken to help avoid the cash crises that are having such an impact on businesses of all sizes and some solutions if the cheque really isn't in the post:

  • It is really important for businesses to be even more careful than usual about who they deal with and how much credit they give them.
  • Make sure that your terms of trading apply - printing them on the back of the invoice will rarely be enough.
  • Internal credit control needs to be spot on. Invoices have to be chased immediately payment becomes overdue.
  • Often the quicker and louder you shout for your invoice to be paid the less chance there is of you being ignored.
  • Conversely try not to burn bridges with valued clients. Where you would like to maintain a relationship try a more subtle approach - for example extending a payment deadline from thirty to say sixty days. An element of experience and judgement is called for here
  • Credit controllers should quickly pass debts to professionals. At Keeble Hawson for example we have a dedicated debt collection department who can, very cost effectively and vigorously, pursue a debt.

At Keeble Hawson the services and advice we offer go beyond debt collection. Where a claim for payment is contested our expert litigation team can handle it quickly and expertly.

If you would like to talk to Robert Ripley about any of the above points he can be contacted on 01302 308662.

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