June 3rd, 2021.
Businesses go bust not only because they lose clients or an important contract, but more often than not because they run out of cash, money which if collected could have led to a very different outcome indeed. But before you consider appointing a third-party to help you collect what’s owed, first look at your own internal systems and procedures to avoid a crisis in the first place.
Ask yourself what you know about your customer: Are they a good credit risk? Do they have an established reputation? “Knowing Your Customer” is the first, and arguably the most, important step in how to get paid.[dtop]
Assuming my customer is a good credit risk, then how can I prevent a debt from going bad?There are some really basic things to consider, and which may avoid having to escalate the problem to a third-party:
For the full story at smallbusiness.co.uk CLICK HERE.