Category do credit control

Entries 21 Total

Easy In. Easy Out.

Jul 21, ’12 9:56 AM

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,…

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The Importance of Cashflow

Aug 18, ’10 11:24 AM

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…

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More Supplier and Customer Solidarity Needed To Beat Credit Crunch!

Oct 7, ’08 10:35 PM

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…

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

Jan 15, ’08 10:46 AM

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…

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

Nov 11, ’07 11:55 AM

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.

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Q & A: What is a Virtual Credit Controller?

Oct 25, ’07 7:36 AM

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.

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

Oct 23, ’07 9:05 AM

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.

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

Oct 18, ’07 11:49 AM

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.

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

Oct 14, ’07 8:35 AM

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.

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

Oct 14, ’07 7:43 AM

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.

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