The month of December is the most pivotal month of the year for many companies. With many companies closing their doors between Christmas and New Year's Day, year-end payments are often not processed until mid to late January.
Sustaining growth in a dog-eat-dog marketplace is becoming increasingly difficult. At times, it can seem as if there is a glass ceiling for domestic trade that is impossible to break through. Expanding into emerging international markets is an excellent way to maintain an edge in an increasingly competitive business environment.
Imagine this situation: a sales person has skilfully closed a high-value deal, only to allow the customer to dictate payment terms at the last minute. Oooooops…
When you're in business a bounced cheque or direct debit can feel like a major blow. However, it's not all bad news… That's because the payment failure represents solid evidence, not only that you are owed money, but also how much.
When it comes to payment disputes it's easy to take things personally. After all, you've kept your side of the bargain and the non-payment can feel like a slap in the face.
If you go to court to collect money, the burden of proof is on YOU to prove the defendant owes it. That means you need to present a watertight portfolio of evidence in order to get the judgment you want. The best evidence by far is a written contract, but even these can containambiguities about who is liable. Just look at this scenario:
Debt collection calls, whether you're making them or receiving them, are loathed by many but are vital for any business wanting to keep their cash flow healthy. Calling for unpaid debts needn't make you the bad cop and if you're ever at a loss for words mid-call we've got a few phrases and tips to help you.
Late payment and debt collection are regrettable but inevitable aspects of business life that are likely to continue for the foreseeable future; the debt recovery process is not one that any supplier wants to find itself caught up in.
For many businesses, it is no longer favourable to be locked into one contract for a service. Instead, companies are employing two or more suppliers for the same service. Those who adopt this strategy say they are able to negotiate costs more effectively and have seen an improvement in the quality of the service they receive.