Top Tips

Next time you are ready to blame your customers for their late payments, try some of these:

-  Don't wait until an invoice is overdue before ringing to chase it.  Ring before it falls due and say you were checking to make sure they received it and whether its ok to be paid, and if so when.  This will highlight any queries they may have with the invoice, and brings your invoice to their attention which means its more likely to get paid on their next payment run.

-  Many customers only pay when they have been chased.  So don't look on those chasing calls as unpleasant tasks, look on them as you fulfilling your part of the customers payment procedure.

-  Send out invoices daily, or at the latest, weekly.  If you send them out once a month then some bills will already be 30 days old before the customer gets them! 

-  Time spent putting good cash flow managment proceedures in place is time and money saved in the longer term through saved bank and overdraft charges, debt collectors, solicitors fees and bad debts written off.

-  You can never be too busy selling to pay attention to cash flow management.  Every £ spent on the costs above has to be covered by making more sales.  Get your cash flow management right and those extra sales become extra profit.

These are just the tiny tips of some very large icebergs! 

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