We’re living in difficult economic times.
In business, you need to recover every last cent to survive. Never has the phrase ‘a penny saved is a penny earned’ been more relevant to the operation of your business.
This is why you need to be on top of debtor management.
Proper control of your debtors means that you will no longer be treated by your customers as a branch of their bank. Your mission is to get paid for your work, not to be the giver of interest free loans to your customers.
In some cases, your outstanding invoices will relate only to your time. In others, there will be the costs of materials, wages or possibly sub-contractors. Whatever the case, you need to get paid for your efforts.
Your time should not be treated as something to be thrown away. If that was to be the case then you might just as well have gone fishing rather than waste your time on a customer who does not or will not pay you.
Always remember that when a customer continues to cross the line in the sand when it comes to prompt payment of your invoices, then it might just be the time to cut them loose.
As customers take longer to pay accounts or don’t pay accounts at all, you need to be alert to the debtor management aspect of your business.
We know that chasing debtors is a tedious and time consuming matter. That’s why we’ve prepared a free e-book to help business owners.
Take a few moments to read the free e-book, it might just make a difference and help you turn the corner if debtor control is causing you head-aches.