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Most business owners are rightly focussed on sales. If sales dry up business costs will quickly result in losses; and losses will eventually burn through your assets until insolvency rears its ugly head.
In the current “lock-down” environment there is a temptation to ease back on collecting cash from customers if you offer credit in order to maintain sales.
And, of course, your customers may not be in a position to pay you according to agreed terms if their finances are being stretched.
What to do?
If you offer credit to a customer – they pay you at a future date after goods or services have been supplied – you are volunteering to leave your money in their bank account for that period of time.
To minimise your risks of bad debts at this difficult time we recommend that you reconsider your credit control processes. Please call if you would like our help to do this.
Addison & Co