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Collection letters can be an extremely useful tool to collect payment, as they tend to carry more weight than emails alone. The key to a successful outcome is in writing effective collection letters that make your customers take notice. The tricks for effective collection letters: Letters should be incorporated into structured collections strategy You will […]
During 2018 we wanted to run a series of blogs that added value to your business. Our Commercial Credit Management factsheets can enable you to manage and run your Credit Management function better by implementing new processes and procedures. Our factsheets cover all aspects from onboarding of a new client to debt collection and even […]
During 2017 there was a change in legislation where by large companies would be required to produce reports on their payment practices and performances. The reports are required for all companies meeting the criteria, from October 2017 (depending on the date of commencement of the company’s financial year). The criteria to be classed as a […]
West Cheshire & North Wales Chamber – the benefits of credit management guidance FSB research, published in December 2016, has found that if there had been no late payments in 2014, 50,000 businesses would have stayed open; this would have added £2.5 billion to the UK economy. Unless a business operates under pro rate terms […]
The benefits of using your free Credit management toolkit as part of your chamber membership As part of membership, Liverpool Chamber members have access to expert credit management advice and guidance. Credit management processes are often overlooked in favour of other aspects of a business such as sales and marketing; however in order to have […]
Figures released in 2017 by the Registry Trust have shown that Businesses in England and Wales faced the first rise in CCJ in 8 years. There are a number of ways you can help to protect your business from becoming one of the statics and good processes and procedures for credit management is one of […]
During the recent weeks we have seen the issues with Carillion affect a large number of sub contractors and small business. It is commonly known that the construction industry is one of the hardest to ensure you receive payment on time as there are such a lot of variable factors that can delay payment. Recent […]
DSO (Days Sales Outstanding), or sometimes known as debtor days, is the average number of days your customer takes to pay your invoices. It is an ever changing figure but calculated regularly it can give you a good indication of your collection performance and to set targets. Monthly DSO reports should be produced so that […]
Your Credit Management function is vital to your business to maintain positive cash flow and reduce the risk of bad debt. Read below, our guide to 10 facts about Credit Management your business needs to know for the benefit of your cash flow. 1. Late payment accounts for £32.4bn owed to SMEs, according to BACs research […]