If you're looking for a positive way to reach out to your clients, a survey may be the way to go. There's lots of available survey research but this post will narrow it down to some best practices and questions to include.
When entrepreneurs are growing a business, they may often use the phrase "wears many hats." Employees are often taking on many different tasks to remain agile on the path to profitability. As more employees are hired for specific duties, small teams develop. While these teams focus on the demands of their responsibilities, success is found when they continue to work together.
In small businesses, teamwork really does make the dream work.
With the holidays quickly approaching, it can be easy to fall under the notion that your customer payments will arrive as usual. In reality, some businesses will shut down for weeks during the holiday season, narrowing the window for paying invoices. Instead of watching your working capital fall short, you can prepare in advance.
Here are 5 steps to take to avoid late payments during the holidays. ✨
When your business needs to make a call to get invoices paid, make sure your accounts receivable and collections specialists are using the right language and abilities. Successful calls are handled by skilled collections specialists with the qualities of persistence, confidence, great listening skills, and training. When emails aren't bringing those late payments current, these call script examples may help.
Call Scripts for Successful A/R and Collections Specialists.
When you think of the phrase cash flow, you may have a vision of money flowing into and out of your business. In this vision, your clients are seamlessly paying their debts to you and you're paying all of your bills and expenses. Cash flow management is the process of maintaining that flow of money, hopefully increasing positive cash flow, where more money comes in than goes out.
Let's look at cash flow management strategies to help your business.
If you’re concerned about receiving timely payments, you might be interested to know that your clients have preferences about receiving your invoices. When you can meet their preferences to increase your cash flow, isn't it worth it?
When is the best time to send your client an invoice?
Within an accounting department, a credit manager's job is to determine the creditworthiness and credit risk of clients. By setting up clients in this way, along with the implementation of a credit policy, your accounts receivable department can be more successful, cash flow is boosted and the risk of non-paying clients is reduced.
Here are best practices for creating a business credit policy.
After the sales team closes the deal and the goods or services have been delivered, the accounts receivable department ensures that your customers meet their payment deadlines. Receiving timely B2B payments reduces potential cash flow issues, ensuring vendors and employees are paid and the business continues growing. An accounts receivable specialist has certain defined responsibilities within the department.
What are the duties of an accounts receivable specialist?
The National Oceanic and Atmospheric Administration (NOAA) predicts an above-normal hurricane season. Unfortunately, we've already witnessed the power of Hurricane Ida across the country with much of its impact still to be determined. Just as we've discovered with the COVID-19 pandemic, asking for money during this time seems precarious.
Is there a nice way to collect payments from clients affected by natural disasters?
When your customer accounts become delinquent, they may have a number of reasons for not paying on time. Some of these excuses may be perfectly reasonable and others, not so much. If your in-house accounts receivable or collections department is fielding some of these excuses, here are some tips on how to handle them.
