Give your credit control some teeth...

Strict financial control over any business is imperative, regardless of the financial climate, and a good credit control process is just one part of that overall regime. If you have decided to offer your customers credit terms, having a robust credit control process in place will give your business the best chance of receiving that all-important cash into your bank account as soon as possible.

Any credit control system should, amongst other things, allow for customers to be chased regularly for outstanding payments (there is no doubt that the “squeaky wheel gets the oil!”). Any chasing letters or emails which refer back to terms and conditions will look a lot stronger than those that don’t. This can often focus the customer’s mind when prioritising payments to suppliers.

Being able to refer back to a set of terms and conditions is empowering for staff and gives confidence in chasing the relevant payments. Of course, prevention is better than cure, but a well-written set of terms and conditions that link in with a good administrative process could also save you money and time if you needed to instruct a lawyer to recover a debt.

Reach out to Tracey at info@law-point.co.uk for an initial conversation - no pressure, no jargon, just a helpful chat to explore how we might support you.