Is your business just surviving through challenging times? OR is it Growing & Thriving?
by Evelyne Legaux on 30-06-2021
Chances are trade Receivables is the biggest asset on your balance sheet. If so, then it is also your MAIN source of operating Cash Flow generation.
Therefore, managing it in a professional way is KEY!
So, where should you start?
Before trading with any new customer, make sure they are legally entitled to trade & have the capacity to pay your bills.
Solution = Carry out a due diligence check on their business registration, trading ownership/principals & financials
Before shipping products / delivering services, be crystal clear about the sales transaction itself.
Solution = Ensure both parties have the same understanding & sign off on the object, price & all other T&Cs legally surrounding the transaction. Doing so will not only better protect your Receivables but minimize the likelihood of disputes arising down the line.
When your bill becomes due for payment, make sure your customer won’t find a last minute query to raise.
Solution = Deliver flawlessly on your own sale’s obligations & proactively stay in touch with your customer to avoid unexpected queries preventing timely settlement of your bill
If you need help,
Do get in touch on firstname.lastname@example.org or through our Contact page
and avail of our SUMMER OFFER until 15 July 2021!