Late payment of business debt is an ongoing problem and can be especially serious for smaller businesses with tight margins. If too many of your customers pay your invoices late, it can cause very real cashflow problems, potentially leading your business not having the liquidity required to pay its own bills on time.
“The fact is that one of the earliest lessons I learned in business was that balance sheets and income statements are fiction, cash flow is reality.” – Chris Chocola
No matter how well your business is performing, ignoring your cashflow can have severe implications, but managing cashflow properly gives you the best chance of having funds available when you need them.
Proper credit management is an important part of managing your business cashflow. We have preferred partners who can assist in collecting any debtor ledger be it big or small and in some circumstances if you have ran out of cash to pursue the monies owed would support the cost of issuing the necessary legal action. If we can be of any assistance in this regard, please get in touch.
“Never take your eyes off the cash flow because it’s the life blood of business.” – Richard Branson
For practical advice on credit management and cashflow, please contact us through the website or by telephone.
Ring the Freephone Helpline now on 0800 012 6649