My Top 10 ways to control cash flow and credit risk
1. Stay on top of balances owed
2. Contact a customer IMMEDIATELY if they start to get overdue.
3. Do not continue to ship products to a customer that is not paying on time.
4. Re-evaluate credit limits once a year.
5. Get a signed credit application from EVERY customer.
6. Check references.
7. Stay firm!
8. Follow up!
9. Send invoices immediately after products are shipped or service is performed.
10. Fire customers that cost you money.
What are yours?
2. Contact a customer IMMEDIATELY if they start to get overdue.
3. Do not continue to ship products to a customer that is not paying on time.
4. Re-evaluate credit limits once a year.
5. Get a signed credit application from EVERY customer.
6. Check references.
7. Stay firm!
8. Follow up!
9. Send invoices immediately after products are shipped or service is performed.
10. Fire customers that cost you money.
What are yours?
Tags: cash, credit, debt, flow, risk
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Permalink Reply by William J. Amann on -
Michelle, I agree with your "top ten". I'd also add, "Offer discounts for prompt payments" and "Have your credit documents reviewed by counsel." Thanks.
William J. Amann, Esq.
BODOFF & ASSOCIATES, P.C.
120 Water Street
Boston, MA
02109-4210
Telephone 617-742-7300 x 208
Mobile 603-998-0033
WAMANN@BODOFFLAW.COM
Please visit our firm's website. WWW.BODOFFLAW.COM
Thank you.
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Permalink Reply by Michelle Dunn on -
William,
Great advice, thanks!
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