Disputes are one of the major reasons why customers don’t pay or pay late – However there are only two distinct types of disputes. Real disputes and delaying tactics. Real disputes are easy to spot. However, we are all guilty of treating delaying tactics in the same way. We have all heard the classic delaying […]
Why don’t customers pay? In practice, there are 4 main reasons why customers end not paying their debt on time – and more importantly some you can deal with, some you can’t. 1) Can’t Those customers who regardless of what you can do, simply can’t pay. There isn’t a lot you can do about the […]
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 […]
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. […]
Terms and Conditions that protect your business are incredibly important. Having good, clear terms & conditions ensures you engage with customers on your terms, not theirs. When considering our contracts, terms and conditions we should keep in mind some key points. What is being provided? It seems obvious but don’t underestimate how important it is […]
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”, […]
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 […]
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 […]
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 […]
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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