Best practice for handling debt and getting paid on time

Best practice for handling debt and getting paid on time

The next time your small business customers ask for advice about improving their cash flow, a key question to ask is how they’re handling their debt. Do they have habitually late payers? What is their credit checking like? Do they have robust systems in place for getting paid?

Establishing efficient systems means that not only will they get paid faster, but they’ll also reduce the risk of late or non-payers. The more robust their payment and credit systems are, the less their chances of having to chase up debtors. At the end of the day, prevention’s infinitely better than a cure.

Have a look at your small business resources and see what you’ve got around setting up proper payment and credit systems. Talk to your small business customers about your range of payment solutions and see if you can’t help tailor a package that will help them get paid faster. Offer them advice on how to chase up late or non-payers.

This is a good article to share with them.

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Glen Senior
Glen Senior

CEO Glen Senior has been helping small businesses start and grow since 1989. Along the way, he has published 6 books on small business development and business planning, created training courses, built e-learning platforms, and developed Microsoft USA’s Small Business Plus program which was delivered into 9 countries.Since 2005 Glen has focused on the banking sector and has built up an extensive knowledge of how banks can engage with the small business segment. He has presented at a number of small business banking conferences and is sought out as an opinion leader in this space.