“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. Continue reading