If you’re looking for a way to loosen the restraints your business is facing, start by easing your cash flow. Dun & Bradstreet offers the following debtor management tips to get you started.
*Set clear policies at the outset of a credit agreement.
*Get a signed contract.
*Always conduct a credit check prior to the extension of credit.
*Issue invoices promptly.
*Monitor your accounts receivable on an ongoing basis.
*Gradually escalate pressure on your debtors.
*Be prepared to address individual circumstances.
*Start the collection process the day after the account becomes due.
*Cease the extension of credit on overdue accounts.
*Never be afraid to ask for help and don’t wait too long to call in the experts.
