Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; plgContentOsecontent has a deprecated constructor in /home/creditri/public_html/plugins/content/osecontent/osecontent.php on line 31

How do you view your credit management department in your business?

Written by

Let’s face it one of the first things you think of when you go into business is not who is going to follow up on late payers and manage the list of debtors. The reality is that this role is largely one of the most important and usually ends up being the last thing on the list and mostly ends up on the list because there is a problem.

It may not be so bad if you only have a few companies that are late payers, but I know in my business that is not the case.

Bizarrely it is not our debt collection client but the work we do on behalf of other debt collectors that are the late payers. We have a dedicated person who’s role is to follow up on these clients. It is tedious that we have to have a dedicated person doing this role, why can’t our clients just pay on time, one thing I do know is that without that person our cash flow would severely suffer.

We all know how important cash flow is, my dear dad used to always say to me ‘Nichola cash flow is king’.

It makes me sad when we get clients who are suffering from cash flow issues, which is compounded by high volume clients paying late. The problem is we get too emotionally involved when it comes to asking our big clients for the money, we get scared we will lose them as a client.

The following up on money should be done by someone who is not emotionally connected to the outcome and all they are there to do is get the money back.

If you don't have a person in your business dedicated to chasing up aged debtors, what steps can you take today to fill that role? And if you do have such a role already, do they have clear guidelines on when and how to follow up effectively with clients to protect your cash flow?

We'll cover those issues in upcoming emails.

Learn the key elements to making sure you get paid for the work you've done.

Haven't signed up yet? Really?! Well, here's what your missing out on...

  • Full Access to The Seven Steps to BCA Debt in your Business and the 7 Lesson in Accounts Management. +

    There are 7 steps that we walk you through, these steps build your accounts management system which ensures you get paid for the work you have done and you know your customers have the ability to pay you before you do any work for them. Read More
  • Terms and Conditions +

    We walk you through this process to ensure you have the ultimate Terms and Conditions, customised to suit your business. Read More
  • The Debt Recovery Blitz +

    Get your money back into your bank account, we will help you increase cash flow from within your debtors ledger. Read More
  • Core Policy Document Suite +

    You we give you a suite of documents designed to support your Accounts Management System, everything you need to raise your standards in customer service. Read More
  • Current Customer Induction +

    These are your business ambassador’s show them how you you are improving your systems and ultimately the service you provide them.
  • Collateral Update +

    Ok, this is all the annoying little jobs that need to be done, like update the website T&C and Privacy Policies. We have streamlined this for you and give you the html docs to get your web developers to upload. Read More
  • Secure your Assets +

    We help you determine if your business would benefit from the Personal Property Securities Register, which can put you on equal footing with secured creditors like the banks. Read More
  • Debtor Management 2.0 ??? +

    Make sure your customers have the ability to pay you before you have even done any work for them. Read More
  • 1

In a recent survey my clients
identified having a system for

Accounts Management

to be one of the top area's
they struggled with.
LEARN MORE