As a small business owner it is easy to celebrate the successful completion of a project. You have worked hard to meet your clients’ needs and to ensure the job is well done. But a pat on the back at this stage forgets the most important final hurdle. A sale is only complete when the cash is in the bank and it has been paid for.
Of course for some businesses this is less of an issue – if your clients pay you in cash as soon as the job is complete then that’s great. But many other businesses rely on sending out invoices and waiting for payment. In most cases customers pay on time and there are no issues, however this isn’t always the case and you may find yourself waiting weeks, months or in some cases years for payment. It can be difficult to chase payment yourself – particularly if it is an ongoing client. You don’t want to risk upsetting the client, but in turn you cannot carry on working for free! You can end up spending an increasing amount of time chasing payments and the absence of cash in the bank can hamper your business prospects.
Did you know that there are independent cash collection services that can help? Not only do they take the emotion out of the situation for you, but they also ensure that you can get back to doing what you do best – running your business. Companies such as Credit Management Professionals (www.cmpgroup.co.uk) have a wealth of experience to help you collect the cash you are owed. With fees starting from just 5% of the gross invoice value they can chase invoices on your behalf - be they due, overdue or already classed as ‘written off debt’. CMP offer a bespoke collections consultancy to achieve success in this final stage of the sales cycle.
Outsourcing cash collection as well as other aspects of your business can free up your time to help you get back to growing your business and delivering for your clients. Give us a call today on 01483 332220 or email us at email@example.com to find out how our team of highly skilled virtual assistants can help.