Your clients and customers are a crucial part of your business. Without them, you can’t really call it a business.
They do however need to adhere to your agreement on payment terms and unfortunately, many clients and customers need to be reminded of their obligations towards your business in terms of payments.
Points to ponder:
- Can you obtain outstanding balances quickly?
- Do you stop supply once an account is in arrears?
- What is your credit checking process and is it working?
- Have you considered credit insurance?
- Are invoices processed timeously and taking correctly in account for payment terms and credit balance checks?
- Do you have standardised collection documents?
- Are your terms and conditions documentation up to date and does it cover credit facilities in enough detail?
Communication with clients and customers is critical and it should be done in a professional manner. Make sure your staff value your business partners and treat them with respect, but make sure they understand that the reciprocal responsibilities need to be enforced.
Let us assist you with your debtor management.
Contact us for a consultation at firstname.lastname@example.org or 021 879 3100