Money Tips: Debtor Control.
Always remember a sale is not a sale until the money is in the bank. Don’t be your customers banker!
Good Systems-policies and procedures and good staff to follow them = good results
- Always offer a number of ways to pay immediately.
- Have clear terms and conditions.
- Use trading terms that suit your business. Don’t give 30 days if you have to pay your suppliers 7 days.
- Be sure you know who you are dealing with. If customers want credit always have a signed application form, and check the details and references carefully.
- Set credit limits.
- Write out invoices and send immediately.
- Check all details are correct, Business name address and contact details.
- Have a written policy and procedures for following up on over due accounts and have effective ways for dispute resolution procedures. If a dispute occurs check your procedures and insure it does not happen again.
