Many experts believe this could be just over the horizon.
If nothing else, the current global pandemic and the “Pandemic Recession” that is it’s legacy have presented us with a rich new language bursting with words, language and descriptions we all hope we never get to know on personal terms.
- Zombie Companies
- Insolvency relief
- Jobkeeper and Jobseeker
- Tsunami of Insolvency
- Bankruptcy Protection
- Quarantine and Lock-down
- Financial Stress
- Debt Hibernation …and many more!
So, what message can we take from the plethora of advice being offered and what steps can we take NOW to be better prepared to deal with the “Astonishing Collapse” that some say is headed our way?
In a business environment where late payment periods between businesses have lengthened to more than 40 days and it’s taking 3 times longer to get money in, it seems that getting paid for whatever it is you do will need to have a lot more importance, priority and attention attached to it!
Start taking these steps now…
- Make sure you are managing your Accounts Receivable with extra vigilance to ensure you are not going to lose out.
- If you put a Customer/Debtor on a payment plan, make it as short as possible and make sure they stick to it.
- The old adage “Cash is King” is more important than ever and remember, the Sale is not completed until the cash is in the bank.
- Keep tight control over your Debtors Ledger, otherwise, you will be simply giving money away!
This would be a very opportune time to be seeking and accepting detailed and individualised advice from your INVISION Team and any of the other qualified experts from our “Go-To” Group.
Luckily for us, Angela McDonald of OPTIMUM RECOVERIES is making available for our Clients a series of Fact Sheets on the subject of how to protect yourself and your business in the current climate.
We can help you access the OPTIMUM RECOVERIES Fact Sheets and their Debt Collection manual…
Your INVISION Team Member will register you for the mailing list and provide you with the password to obtain your own copy of Angela’s book. Here is a short sample of the collective wisdom of Angela’s book and Fact Sheets…
Five Tips to improve Cash Flow Collections.
Cash Flow Collections can be a tricky game. Here are our top five tips that you can use to improve cash flow management in your business.
- ”Expectations are Everything…
With every new Client, you need to have a frank and clear discussion…up front…to clarify your mutual expectations, including credit and payment terms.
- Tighten up your Terms…
Your Terms and Conditions become crucial when a Customer fails to pay an invoice or is dissatisfied with the goods or services provided. It’s a good idea to get your Terms checked by a Lawyer regularly to make sure they are fit for purpose.
- Make sure your invoicing is easy, timely and accurate…
Your invoices will stand a much better chance of being “Successful” if they’re easy to understand, well laid out, accurate and offer a variety of payment options. Also, take the time to ensure your invoice is correctly rendered, and properly itemised. Make it easy for them to pay you!
- Monitor for Warning Signs…
There are key indicators to look out for that amount to warning signs of Financial Distress. We have devoted a whole Fact Sheet to the subject and it is available to you right now on our website.
- Swiftly follow up any Late Payment…
As soon as an account is close to becoming overdue, be ready to go with a friendly follow-up call.
Time is of the essence and the longer an overdue account is left to sit idle the higher your chances of non-payment will become.
Call or email Alan and his INVISION Team to take advantage of this great offer and get your exclusive access to Angela’s fact sheets!
Contact Invision Bookkeeping on (07) 3293 1436 or email us