Our 28 Tips to Reduce Bad Business Debts free eBook provides information on how to correctly manage credit in your business, increase cash flow, and reduce bad business debts and defaults.
The 100% FREE eBook gives you tips and tricks in relation to:
- Client Management – Pre-contractual checks and searches;
- Credit Management – How to manage credit and clients; and
- Debtor Management – Best practices for recovering debts.
Tip 1 – Choose your Clients / Customers Carefully
Tip 15 – Invoice Quickly and Properly with Sufficient Detail
Tip 2 – Do a Credit Check and Assess their Creditworthiness
Tip 3 – Reference Checks before you Offer Credit
Tip 4 – Investigate your Customers
Tip 5 – Check Where the Invoices are to be Sent
Tip 6 – Find out Whether Customers Payment Run
Tip 7 – Factor the Potential for Payment Delays
Tip 8 – Investigate Trade Credit Insurance Options
Tip 9 – Advise your Clients about Scam Emails
Tip 10 – Enter into a Written Credit Application
Tip 11 – Establish Debt Collection Procedures
Tip 12 – Set Realistic Credit Limits with the Debtor
Tip 13 – Set your Payment Terms and Penalties
Tip 14 – State your Terms and Conditions Clearly
Tip 16 – Get Sent / Delivered Receipts or use XERO / MYOB
Tip 17 – Give Discounts or Incentives for Early Payment
Tip 18 – Stay in Touch with the Debtor
Tip 19 – Approve Additional Credit Extensions in Advance
Tip 20 – Strict Processes for Payment and Follow Up
Tip 21 – Up to Date Systems and Processes
Tip 22 – Money Upfront / COD for Bad Payers
Tip 23 – Chase Payment Immediately when due
Tip 24 – Follow your Debt Collection Procedures
Tip 25 – Offer the Debtor a Cash Discount for Payment
Tip 26 – Resolve any Debt Disputes Quickly
Tip 27 – Reconsider the Business Terms with Late Payers
Tip 28 – Use Debt Collection Lawyers
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