A virtual credit controller is someone you have outsourced your credit control work to for execution. Needless to say that credit control is one of the most important functions in any small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer- or Personal business, like professional, contractors, freelancer, self-employed, sole-trader and virtual assistants, it affects your cash-flow and keeps your small business a float.
This could be a professional company which specializes in credit control all the way to court action, this service is usually used for bad debt or difficult customers. The service can be quite pricey and you may have problems getting them to deal with only a few invoices per month.
Another option is to use a virtual assistant (VA) in your area and give him/her the list of open invoices or just copies of them and have the virtual assistant follow up on your clients. You can also use online technology to keep your files up-to-date and make the work-flow more efficient for you and your VA, saving time and money.
Important, no matter how you choose to do your credit control, is to set guidelines, it’s no good getting paid and loosing the client at the same time. Keep your virtual credit controller up-to-date with payments received, clients get upset if chased for money they already paid, and it makes you look unprofessional.
Remember, the easiest way to get new business, is to offer more and new products and services to existing clients. ST.
Disclaimer: As with any of my readers questions, I do not have all the answers and here on my blog I can only give you some ideas, since I know very little about your small business. If any of you can add anything here do so for the benefit of my reader, who asked the question and everybody else, leave a comment below – I’d be most grateful.