Aside from making New Year’s resolutions in your personal life, you should make a New Year’s resolution for your business to keep a better eye on your cash flow. You might think you have a handle on it, but there is always room for improvement.
Cash flow is the key to every successful business. Keeping track of your receivables is something you don’t want to let slip.
Here are some things to consider:
1. Who owes you money? : Get a firm handle on who owes the business money and create a plan to get your customers current. Always pay close attention to your outstanding receivables.
2. Review your procedures for getting paid: Take a hard look at what you are doing to get paid. Depending on your industry your customer payment options may be different. Review what you are doing and consider changing your course.
3. Follow up and get paid: Follow up early in the delinquency, follow up on a regular basis and make sure you are being respectful to the consumer when contacting them. Being diplomatic goes a long way in resolving an issue.
4. Get help: American Profit Recovery is a collection agency but we also help you review your internal systems and you make adjustments. When you are ready APR will take over your late accounts, and our team of experts will work with your customers diplomatically to get you paid.
To find out more about how we can help your business get the coming year off on the right track, view our latest video with even more advice. Then, give us a call.