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Credit management solutions provider Coface UK has urged businesses to forward
plan for the Christmas period to ensure they get paid on time.
The company has outlined five golden rules to help keep the cash flowing during
the festivities:
► Many businesses close down over
Christmas, so plan ahead to avoid delays by checking your customers’ opening
hours and invoicing early if necessary.
► The Christmas post can delay mailed
cheques, so consider setting up electronic transfers for major clients, or
collecting payment in person instead.
► Take action on overdue accounts now
as companies are likely to be under pressure from other creditors in the New
Year.
Using a debt collection agency will help spread your workload.
► Beware of new customers seeking
large credit facilities over the busy Christmas period and continue to credit
check them thoroughly, using a credit information agency if needed.
If you are in any doubt ask for part or full payment in advance.
► Review your growth target for 2007
and see if you need extra finance to fund it, and credit insurance to protect
it.
Dominique Vaughan Williams, Marketing Director at Coface UK explained: “The
festive season can bring good business but also play havoc with your cash flow
as customers close for the holiday and cheques get delayed in the Christmas
post.
"To protect yourself from late payment, continue to implement strict credit
management procedures throughout November and December.
"By planning ahead, you can make sure that unpaid invoices do not become a New
Year hangover.”
Source:
RedAlert
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