September 2022

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Business Advice THE GROWING IMPORTANCE OF A TIGHT CREDIT CONTROL PROCESS In the latest instalment of our regular business column, the experts at Know-it look at why having a watertight credit control is an even more integral part of maintaining a successful business... Credit control is one of the single most overlooked aspects of running a successful business. When dreaming of setting up your own company, not being paid on time isn’t something that crosses many people’s minds because let’s face it – it’s not the glamorous side of doing business. But because so many businesses overlook credit control, they place a serious risk on their cashflow, which means trouble lies ahead. Late payments pose a very real and imminent threat to businesses with firms currently chasing £61 billion of unpaid invoices and the FSB recently warning that as much as half a million companies are at risk of closure due to not being paid on time! We’re seeing company insolvencies soar, this year reaching their highest quarterly number since 1960. Even if you don’t feel your company is at risk right now, your customers might be. And if customers with outstanding invoices go insolvent there’s a high “Implementing and executing a robust credit control process can take some time, and time isn’t something we tend to have a lot of when running businesses or finance teams” likelihood, you’ll lose out on what you’re owed. It always pays to be vigilant and follow tried and tested credit control processes. The three steps of credit control You don’t need to complicate credit control, in fact like many things, the basics are most effective. We like to break down credit control into three steps: 1. Check-it 2. Chase-it 3. Collect-it The very first step in a sound credit control process is checking the credit worthiness of your customer. This will give you insight into their credit file, payment behaviour and ultimately how much of a credit risk they could be to you. Their credit risk will dictate what a suitable credit limit would be – the higher the risk the lower their credit limit will be. A thorough company credit check will give you all the intelligence you need to offer credit terms that will generate revenue as well as mitigate credit risk with the amount of time given to pay minimising the chance of default. When you have outstanding invoices, we can’t stress the importance of keeping on top of what you’re owed. You should always be tracking the Continued on page 64 62 T I SEPTEMBER <strong>2022</strong> PRACTICAL CONTENT FOR THE GLAZING INSTALLER & HOME IMPROVEMENT SPECIALIST
DoorGlass Brochure 21/22 Total Fabricator Half Page.qxp_Layout 1 18/08/2021 14:01 Press play on quality content for your sector NEW DEFINITIVE GUIDE TO COMPOSITE DOOR GLASS U P D A T E D F O R 2 0 2 1 / 2 0 2 2 Easily accessible on your desktop, mobile or any device AVAILABLE TO DOWNLOAD NOW! Free content that is constantly updated Subscribe to channels for your specific areas of interest and expertise The new platform for digital content from the key players in your sector, including: How-to’s; Projects and product focuses; Installation advice; Training and webinars; Interviews and opinions. www.glaze-tube.co.uk In association with Total Installer & Total Fabricator magazines. To discuss showcasing your video content, contact Andy or Jake on: 01892 732 047 or email andydunn@media-now.co.uk jakeroxborough@media-now.co.uk All designs are Document L & Q compliant Available in any thickness up to 52mm Call 0161 946 1164 to request your hard copy RegaLead Limited | Columbus House | Altrincham Road Sharston | Manchester | M22 9AF Telephone: 0161 946 1164 Email: sales@regalead.co.uk | Web: www.regalead.co.uk
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September 2022

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