Business Boot Camp, day five – exert some debtor pressure
by Peter Switzer
Having debtors who won’t pay on time is a major cause of cash flow problems. Sometimes, getting a customer to pay can be like pulling teeth. Some business owners put off calling debtors, but how does that help cash flow?
Put aside a particular time each week to contact the debtors who have outstanding debts rather than calling every now and then. This will help you get organised.
When you send out invoices, make sure your client is well aware of what your terms are.
Also, if you can’t bring yourself to make the calls, or you just can’t seem to find the time, considering hiring someone who can, like a great bookkeeper.
Do you have any tips for getting debtors to cough up the dosh?
The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer and Paul Rickard the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.
Published on: Friday, December 24, 2010blog comments powered by Disqus