Tag: late payment
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Getting paid when selling overseas
Timely payment is essential for your business, and the risks of late, or even non payment can sometimes be greater when doing business internationally. It is important that you use proper credit control procedures when doing business anywhere. Doing business abroad involves additional risks and the cost of taking legal action when things go wrong.…
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Avoid the problems of overtrading
Overtrading is an imbalance between the work that a business takes on and its capacity to do the work. It happens when a business takes on work, but does not have enough current assets, or working capital, to meet the resulting demands. This is particularly common in young, rapidly expanding businesses. It can be extremely…
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Managing a business when economic conditions are tough
Managing a business is even more demanding when market conditions are tough or uncertain. Planning can be difficult when your business, its customers and suppliers are faced with rising prices, falling sales, shrinking margins and cashflow problems. Redundancies and business failures further diminish market confidence while reduced orders and late payment can indicate problems within…
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Ensuring customers pay you on time
There are various ways of encouraging your customers to pay on time. However, despite your best efforts, you may find that some still end up paying late. If this happens, you should contact the customer in question to try and resolve the issue and review your procedures to reduce the possibility of others paying late…
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Invoicing and payment terms
Getting your invoicing system and payment terms right can be key to a healthy cashflow. You need to ensure your customers understand how much they need to pay and when they must settle up. They are more likely to pay you on time if these terms are clearly set out in writing from the start. This…