Ten Top Tips for Successful Debt Collecting
Cash flow is essential for survival and good credit control is a key factor in this.
All businesses will experience highs and lows in terms of sales tumover and profit during their lifetime, but it is when cash flow stalls that businesses fail. It's important to remember that a sale is a debt until it's paid for.
There are a number of practical steps that you can take to reduce the risk of late payment of invoices, or worse still non-payment, and keep the cash coming in with an efficient debt recovery plan that helps you to avoid bad debt where possible.
In this guide to debt recovery, we provide information for businesses on avoiding bad debt with our ten top tips:
1. Know your customer
2. Provide terms and conditions
3. Set a credit limit
4. Ensure accurate and timely invoicing
5. PUt a credit control system in place
6. Pick up the phone
7. Resolve geniune problems
8. Deal with excuses
9. Keep a paper trail
10. Be proactive
Read our Ten Top Tips for Successful Debt Collecting (pdf) to learn how you can avoid bad debt.
Further information
- Read about Michelmores' debt recovery service
- Find out how we recover debt
- Contact us on 01392 688688 or complete our online debt recovery enquiry form
We have also put together the following information resources:
- A short video guide for businesses on How to Avoid Bad Debt
- A series of client case studies showing how we have helped businesses to recover debts
