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We’d all agree that writing effective collection letters is a balancing act between ensuring you receive payment in full and maintaining a positive working relationship with your customers. You don’t want your correspondence to end up thrown to one side, added to a stack of unread post, because the seriousness of the matter wasn’t made […]
The Christmas period signals a slow-down for many UK businesses; Christmas excitement takes over and the majority of businesses close during part or all of Christmas and New Year celebrations. In order for businesses to maintain cash flow during this time, they must have an effective action plan in place to ensure the highest possible […]
In terms of the impact on your customers’ inclination to pay you, writing effective collection letters tend to have more gravitas than emails or phone calls alone. They are a much more formal way of communicating with a customer and therefore can potentially encourage them to take a situation more seriously if they have been […]
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 […]
Using the credit management tools available to you effectively can greatly increase your chances of getting paid more quickly. Making small changes to your collection strategy to incorporate all tools at your disposal can make a big impact on your collection performance. Improving your use of credit management tools Invoice Ensure that your invoices: Are […]
Understanding how to chase for payment effectively will vary depending on your customer type and payment history. You may have customers that pay you at the same time each month with very little encouragement from you, on the other end of the scale you may also have customers that will delay payment on a continual […]
Within my career I have come across many people that have distinct apprehensions about having telephone conversations as part of their job, instead choosing to rely on email to communicate with business associates, and customers. The majority of the time I have been told this is because telephone conversation requires immediate response to any queries, […]
Having an effective credit control function within your business can have a huge impact on your cash flow. Your credit control should use the most appropriate processes and procedures for yours and your customer’s business to ensure you are paid quickly and on time, as well as maintaining positive business relationships. What indicates effective credit […]
Why download our Disputed Invoice Management Toolkit Following in our series of Useful Toolkits our Dispute Management one has proven to be one of the more popular. A disputed invoice can cause havoc within any business when trying to find resolution without the correct procedures in place to deal with it effectively. How well you […]
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 […]