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This is one of the measures in a business that can easily be missed in the excitement for a new sale. Unless you are taking the money upfront before any services or products are sent this is fundamental to your business. You need to carry out the right checks to make sure you will actually […]
The Topic to cover for this week is Automation of credit limit setting Q: Our business provides IT support and equipment. We have a large number of customers with an increasing number of new customers monthly. We would like to automate our credit limit setting process as much as possible, we are thinking of automatically […]
This week we will be covering Risk Q: I understand we need to look at the risk of not getting paid when we onboard a new contract, but are there any other risks we should be looking to reduce? A: There are many risks in business, one big one is risk of claim of consequential […]
When budding entrepreneurs decide to be the next Mark Zuckerberg, dreaming of creating a vast business empire and billions in sales, the last thing they usually think about is the financial risk to their business and to them personally. Some may find the thought of managing financial risk daunting, but it should be straight forward. […]
Many times, when there is potential for a sale, businesses will jump at the chance for more work and forget about one of the most important factors in a business, when all of your work has been completed, will you actually get paid? Carrying out a credit check on potential customers prior to doing business […]
Managing business cash flow effectively is essential to the survival of any business, many things will count towards positive cash flow, here I will be focusing on the credit management aspect of managing cash flow. Credit check prospective customers A prospective customer may appear to be an attractive business prospect during your initial talks, however […]
Every company should credit check their potential customers prior to carrying out work with them; or at least credit check ones with higher value orders. There are specific things that you should look out for on a credit risk report that should give you an effective overview of your customer’s credit risk. What should you […]
Throughout my years in commercial credit management I have identified a number of mistakes that companies make within their order to cash process; mistakes that are often very small and easily fixed; make enough of them, however, and you could find your cash flow isn’t flowing the way you would like it to. Mistakes in […]
During a recent survey Experian business assist revealed that 63% of businesses knew their credit score and used it to keep an eye on how they are performing. Knowing your score is one thing understanding what the score means is the added benefit. Experian have produced an infographic which helps with the understanding. Here are our […]
The third instalment of our FREE toolkits is the Credit Management reporting section. These handy printouts explain the process you should follow and the best reports you should be creating in order to keep a close eye on your cash flow. Credit management reports are useful to track the collection performance, by reporting key measurements […]