SME Business Newsletter 35

The free business newsletter for small and medium sized business owners.

This issue includes articles on the working week, ageism in the workplace, website traffic, the green working environment, trojans, maternity leave entitlement changes and the latest Firefox browser.

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SME Business Newsletter 34

The Free Newsletter for Small Business Owners. Subscribe Now.

How To Get Paid

Business owners and directors, particularly of small and medium sized businesses may waste much time in chasing unpaid invoices.

Many excuses for non-payment will be given, some acceptable, some amusing but plausible and some downright lies.

How does the owner or director protect his own business from cash starvation?

Cash is the lifeblood of the business, and if it does not flow then the business will fail.

Some common excuses for non-payment and actions you can take to speed up payments can be found in this free and easy to read ebook.

In all communications with debtors keep a record of the contact’s name, the time and date of the call and a summary of the conversation.

Be proactive in chasing monies. Some simple strategies to employ that will reduce the likelihood of late payment include:

- Do not wait until the payment due date before speaking to your debtor. Call and confirm beforehand how much will be paid and when.
- Raise and post all invoices and statements immediately.
- Ensure your own systems and procedures are designed to avoid delays in resolving invoice queries.
- Ensure all contractual documentation is retained.
- If possible insist upon the use of electronic forms of payment.

The common excuses are:

- Excuse 1 The Cheque is in the Post

- Excuse 2 Already Paid

- Excuse 3 Lost Invoice

- Excuse 4 No Statement

- Excuse 5 Invoice in Query

- Excuse 6 Director on Holiday

- Excuse 7 Computer is Down

- Excuse 8 Waiting for Funds

- Excuse 9 Not Due for Payment

- Excuse 10 Waiting for a Credit Note

It is accepted that many other reasons for non-payment will have been given to credit controllers in the past.

If you have knowledge of the more amusing and perhaps really unbelievable excuses , (only printable ones please) then share them with others. email david@sme-business-solutions.com

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