Credit Control Myths

There is nothing wrong with having a robust and professional Credit Control process, however, many businesses are often afraid to assert their right to be paid. Good Credit Control polices can contribute significantly to your business by not only improving cash flow but supporting other departments. Your business needs to be paid on time for […]

credit control

Late Payment Legislation

When we talk about Late Payment Legislation what we mean is where your customers fail to pay on time or within the agreed payment terms. The Late Payment of Commercial Debts (Interest) Act (1998) which has been strengthened over the last 20 years offers protection and remedy for businesses who struggle getting paid on time. […]

Late payment fees

Understanding your customers

Understanding your customers is a vital part of protecting you and your business, yet few seem to truly understand them. I’ve been working within Credit Management for over twenty years and in my experience many Credit Controllers and even organisations don’t understand the different customer types they deal with. They might have heard of “Consumer”, […]

understanding

Spotting Customers in Trouble

It goes without saying that your customers are the life blood of your business. It’s important to ensure you are aware if they are in trouble, especially if they are a large customer. It’s not easy to spot a struggling business and you may get it wrong. Many companies have blips or changes which don’t […]

customers

Why businesses fail.

So, why do businesses fail? Over 50% of businesses fail in the first year of trading in the UK and 1 in 3 fail in the first 3 years. One of the mysteries of running your own business is why some businesses fail whilst others thrive. We can often put down failures down to “bad […]

fail

Good credit management starts on day one

You have a good credit controller and they do a fantastic job ensuring you get paid on time; but this is only half the story. If we look at a typical customer from start to finish, we would see the following: However, often businesses only consider credit management from the moment payment is due focusing […]

Credit management

Protection against Zombie companies

So what is a “zombie company”? A “zombie company”, broadly speaking, is a term used by the media to describe a business which is trading off bank loans or finance agreements.  These company are able to operate and service their debt, due to the interest levels being at a record low.  On the face of […]

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