With companies increasingly defaulting on payments, going into administration and getting wound up by the ATO, small to medium businesses are more vulnerable than ever to bad debtors.
To safeguard their bottom line against slow and non-payers, it is necessary for businesses to perform due diligence on their customers and otherwise maintain an effective credit management system.
Our most recent webinar featured Patrick Coghlan, Managing Director of leading credit reporting bureau CreditorWatch. To help subscribers lay the foundations for better credit management in their businesses, he provided actionable insights around determining a customer’s credit worthiness, establishing a ‘prompt payment’ credit policy and effectively managing high risk customers. At a bare minimum, Coghlan said small businesses should abide by what he called the “6 REs of Credit Management”. To learn more, watch the recording:
See also: Let’s Talk… Cash flow and New ATO power will wind up bad debtors but protect ‘good’ businesses, says credit bureau.
