“Diligence is the mother of good fortune. ” – Benjamin Disraeli
The best thing you can do for your business cash flow is to have in place an effective bad debt risk management policies and procedures. This would allow you to first manage risk rather than bad debt.
It is much easier to be proactive by implementing credit safeguards like bad debt risk management procedures rather than having to deal with it once it has reached the bad debt stage – often this is already too late for a large percentage of debt to be collected. (more…)
Why chase bad debts yourself when you can have a debt management expert doing the work for you? These days, outsourcing debt collecting professional can solve many problems in your credit system and will save you time and money short term. Long term – you’ll gain faster payments, reduce your arrears and free up staff resources for more immediate business development.
Debt collection is an important function of any business as it maintains the life line of all businesses – cash flow. We all know; no cash flow – no business! The fact is that debt collecting involves work that is challenging, very specific, detailed and time consuming. (more…)