Business Debt Recovery

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- Introduction Thank you for taking the time to read our guide on debt recovery , cash flow and the services we provide. We are sure you'll find it informative and interesting and, hopefully, will help your business prosper. Three common cash flow mistakes Unfortunately, many businesses will suffer cash flow problems at some time and it cause a lot of stress for business owners. However, if you understand the issues before they become problems, it's possible to ensure your cash flow is always positive and your business can continue to grow. 1) Don't overspend It can be tempting to spend money before you have it, sometimes in the belief that you should always buy the best, and often buying things that your business doesn't really need. However, keeping a reign on your spending can be one of the most cost effective methods of ensuring cash flow remains in good order. Take time to investigate everything about the product or service you are going to spend money on, and ensure it is an investment rather than a cost. It's sometimes worth checking back on the things you have bought in the past to see if they've really brought a benefit to your business. If they haven't, learn from that mistake and be more careful in the future. Once the cash is spent, it's very rare you can get it back, so always plan ahead.
- 2) Don't purchase too much stock It can be tempting to buy too much stock based on past experience or maybe even just a hunch. Don't. Every stock purchase should be made based on good market intelligence and, preferably, information from an up-to-date stock management system. Always monitor your current stocks and look at historical records to see how they've been used. If you can, look at "just-in-time" methods of stocking where you can call on your suppliers as and when you need a product. 3) Keep on top of your debtors When people don't pay on time it can really upset your cash flow. Always negotiate terms with your clients that won't leave you out of pocket for too long, and make sure they keep to them. If you have to wait months for payment, then it could mean that the company you're dealing with is in trouble itself, or they just have policies against paying on time. If the latter, you need to ask yourself if you're happy with that. If not, then are they the type customer you want? If customers aren't paying, then it might be time to involve a debt collection agency that can help you get your money on time.
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