Category do credit control

Easy In. Easy Out.

Chic Lit Keep Up, Won’t You? Look I’m sorry, dear readers, that I haven’t been in touch for a while. I’ve been smack up against a publisher’s deadline. I’ve been finishing off my latest erotic thriller, ’50 Sheds du Lait’. It’s about a fit French dairy farmer investigating the disappearance of big supermarket bosses. Anyway,…

The Importance of Cashflow

Small businesses often focus on how much money they are going to make, the amount of turnaround and, significantly, how much profit their business is going to generate. However, in looking at the bigger picture, many small businesses lose sight of the day-to-day cashflow of their business; which can cause major problems for both fledging…

More Supplier and Customer Solidarity Needed To Beat Credit Crunch!

With credit availability non existent or in sharp decline, a more transparent relationship between suppliers and customers is needed to overcome the credit hurdle. In times when money is short a very open relationship based on partnership will allow a chain of suppliers and customers to fulfill orders in a “joint venture per order” kind…

Late Payment Problem For Small Business Growth to £18.6bn!

A report by the Bankers Automated Clearing Services (Bacs) found that the late payment burden on UK 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, has risen £2.6bn in the past 12 month to an staggering…

Q & A: What should I do when my bank cancels my overdraft without warning?

This question is hard to answer, because there are no simple answers here and the outcome of this situation could easily be fatal to the business and if you are personally guaranteeing this money - and you probably are - this could potentially be very serious for your personal life too.The things that you need to do, in my opinion are: Find out why?... Many years ago someone made the the umbrella analogy and it goes like this: When the sun is shining your bank gives you an umbrella (O/D, Loan);when it is raining, they need the umbrella themselves.It is best if you do everything possible to not need banks in the first place, by bootstrapping, outsourcing, planning your business and keeping your fixed costs as low as possible.Remember sometimes, attack is the best defense even with banks, they may need their money, but they do not need bad publicity either.

Q & A: What is a Virtual Credit Controller?

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 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.

Q & A: Is Higher or Lower Cash-Flow Better For My Micro Business

So I reconsidered and decided to write about it here.As I said, generally speaking, a higher cash-flow is desirable because you have more "scope" to develop cash-flow reserves for your small business, by using standard cash-flow planning tools, like renegotiating payment terms with your suppliers and deal with credit control better.Here is the thing, if you are a micro business, or even a one man/woman home business, more or less cash-flow may not be as important to you as concentrating on credit-control. Let me explain, if you are a service business, you may just want to make enough money for your monthly income, there are limits to the amount of work you can do, before you start running into other problem areas, like employment issues, office rent, etc. You may no want that, you may be very happy the way things are - and contra to popular belief that is perfectly OK.

Q & A: What are successful cost-cutting solutions in small business?

Let me give you some pointers here, but please remember you can always do more on the cost-cutting front 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.... Or have it done on a results basis, doesn't cost you time and gets you money back.Do credit control - get your money in lower your bank overdraft cost and charges.This is only a short list of what you can do, but it's a start.

Q & A: How can you get rid of bank charges through late payment?

All the tools you need for this are available free of charge in our OnlineOffice.Once you start planning your cash-flow you will understand your business much better, and you will see that there are other ways to create cash-flow too, outsourcing and credit control for instance.... Get creative!As always with questions, I do not have all the answers, so please if you can add anything here do so for the benefit of the person who asked the question and everybody else, leave a comment below.

Q & A: What do you mean by credit control?

I have written about this before here: Small Business Checklist: Getting PayedSmall Business Failure - Reason: Cash-FlowCredit control deals with getting your money in, and is most important for small business survival. You need to pay attention to your credit control all the time, if you can't do that get someone else to do it for you, outsource it to a virtual assistant, for example.Hope this helps, otherwise get back to me.

Bookkeeping for Small Business

More important than that, you will learn new things about your business: You may have higher (good) or lower (bad) sales, than you expected?Your cost in your business may be higher (bad) or lower (better) than you expected?Your cash-flow may be better or worse do to the above two points?You may need to outsource some business processes to lower your fixed cost structure, to make your business more recession proof or just more profitable?You may need to ramp up your sales and marketing activities for your small business products or services?You may also have to adjust your SWOT analysis and your business goals?You will be surprised how creative you can be, once you know about and understand a problem in your business plan.... There is no excuse not to do it, all the tools are available for free, for anyone.If you feel the initial process of business planning is too much for you, than get your accountant or bookkeeper to help you to set your cash-flow fore-casting, SWOT analysis with you, doing it online will give you strategic advantages, like you can work with your accountant or bookkeeper in real time in different places, this lowers your cost, no time wasted and is good for the environment.I would like to make one more point here, the aim of all this planning is not to get it spot on - no, the aim is to understand what is happening in your business, that is why you should be doing it.

Managing A Small Business In A Recession

The government set out it's plans to get small business owners to pay more tax, they increased capital gains tax by 90%.... Keep your fixed cost down, make sure you have reserves, keep up with your credit control, here I had to help him with most answers.I've been talking about "bootstrapping" or "cost-cutting" for a long while now, with business planning as an additional tool, to combat any surprises.

Planning Your Small Business And Start-up

For me small business planning centers around some very basic questions and I always aim to answer those first: How much is my business going to cost to set-up?What are the monthly running costs of my start-up?Is anyone willing to buy what I have to sell?What other problems or challenges does my business face?What are my best selling points or strength?You may thing that these are all very basic questions and you would be right - but can you really answer them for your small business?... Even if you have no staff to begin with, it will help you to make the right decisions and stay focused.Strength and Weaknesses are "internal" factors where you need to be honest with yourself and write down what you do well and what you do badly - writing it down is almost therapeutic - enabling you base future decisions on these facts, building on your strength, while avoiding your weak spots.Opportunities and Threats are all about "external" factors and deal with issues like your unique differentiators for your products and services in the market place, as well as your competitors, red-tape, funding issues, etc. Again just writing them down will move you forward.Last but not least I find it helpful to have a "Mission Statement" for my business, what do I want to achieve, so my customers, partners and others understand what my business is all about.The "Goals Statement" is more personal, I write down why I run my small business or why I want to start a business.

SaaS Benefits for Business Start-Up and Small Business

ClimateByte™ TechnologyOur environment is in trouble - by using our on-demand Small Business Infrastructure™, you can help to reduce your carbon footprint and help our environment - we are dedicated to develop our future products and services with this in mind.Our Software as a Service products provide your small business with a on-demand Small Business Infrastructure™ helping you to concentrate on your business, while we run your office and IT. This makes your business more mobile and competitive while saving you time, money and helping the environment.When you run a small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants you probably benefit even more from using SaaS technology - program your business for success.

Small Business Infrastructure For Business Start-Up.

WinWeb On-Demand Software Solutions - Anywhere At Anytime.AccountsOffice and OnlineOffice are our two software offerings, which are based on the SaaS - Software as a Services model, to allow for the following key business benefits:• tight inclusion of business advisors from the start,• cultivating outsourcing techniques at the outset, i.e. virtual assistants,• no IT knowledge needed and hassle free operation,• real-time multi-user access from anywhere, increasing mobility.2.... WinWeb Live - Networking Community for Small Business Only.To foster collaboration and outsourcing we have expanded our WinWeb Live™ offering to allow for small business community networking - thus enabling the business owner to make decisions about his / her current needs, with the following benefits:• timeshare virtual assistants for professional results,• offer contracts of work to contractors on a case-by-case basis, • promote the business to a large audience or even locally,• find new work and contracts online4.

Small Business Failure – Reason: Management Control

You can pick and choose what you do work-wise everyday, you can not pick and choose what you should know about and make decisions about - this is your business, not your staffs business - act like it.Am I running my business or is it running "itself"?... When I hire people I always hire people who do something better than I, but you have to stay involved.You can see other reasons for small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants failures in my Health Check Category, if you can add to this list please do so, I would welcome your comments.

Cost Cutting for Small Business – Payment Terms

There are two ways to get better payment terms from your suppliers - make sure you know what the pricing is and negotiate the payment terms last, without warning. Most businesses do not expect small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses to negotiate payment terms, so you have the element of surprise on your side - and it makes you look more professional.Firstly there is the extended payment term, of 60, 90 and 180 days - see if your supplier will allow any of those terms.

Small Business Failure – Reason: Cash-Flow

Check your cash-flow each time before you make a bigger purchase or hire staff which is not in the plan, you will quiet easily see if you can afford to do it or not.How much reserves does my business have?... On those terms you should get an overdraft, even if you do not need it, so if something unexpected happens you got the cash-flow reserve.The importance of your cash-flow situation can not be overestimated, as long as you can pay your bills you are in business - as the saying goes: Cash Is King!You can see other reasons for small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants failures in my Health Check Category, if you can add to this list please do so, I would welcome your comments.

Small Business Failure – Reason: Fixed Cost

Even if you have staff - outsourced of employed - doing your bookkeeping and organize the payments for you, you need to make the decisions of when your suppliers get paid, so you can control your cash-flow.There are many more questions you could ask yourself, here I just wanted to get you going. If you have any more issues or are uncomfortable with any of your costs and answers to the above questions, then you should get some professional advice.Running out of money is the reason most small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses fail, not controlling your fixed costs is one of the main reasons for this.

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