Big sweeping changes to your business and the way you work may feel like the most effective way to get things done, but in actual fact, the most useful to way to improve is through small, incremental changes that have proven results.
And for small businesses and medium sized enterprises, the most frustrating part of doing business can be chasing bills for work that has already been completed.
There are some simple tweaks to your business practices that can help increase your chances of getting paid on time, and smoothing out those cash flow issues.
Get it on the Record
Your terms and conditions are your written proof of agreement, but it’s surprising how many businesses either don’t use them, or fail to have the contract terms for payment included in them.
You can draft these yourself, or get the help of a lawyer, but either way, the investment in time and money is well worth it down the track when you have a written document to fall back on in the event of any disputes.
Get the Basics Right
As businesses grow, addresses, bank accounts and contact information changes. And with so many contact points and materials, it’s easy for some the information you give to clients to have an old account number or phone number on it.
Take the time each quarter to review all of your materials and double check that your details are correct. Having the wrong BSB or account number is a silly way to lose out on the hard earned value of your work.
A reminder system is one of the simplest ways to nudge your clients to pay their bills on time. If there is silence from your end, your customers might think that you may have forgotten, or may forget themselves.
Doctors surgeries and dentists have found the value in sending short text messages or making brief phone calls to confirm appointments, and the same principle can apply to collecting debts.
Do Some Background Work
Before you enter into a new business relationship, it can be worth the time to do some brief background checks into your new customer. In years gone by that might have been much more difficult, but now, a quick Google search of the name of the directors or the business name can reveal a wealth of information. Some simple clicking around and reading can help you uncover any pieces of information that you wish you had known earlier when something goes bad.
If you have tried these methods and still have outstanding debts to chase up, you should enlist the help of a professional and local Brisbane debt collector – Challenge Collections.
We invite you to call or email us today, to find out how we can help you to recover your outstanding accounts.