- 4th September 2011
- Posted by: clivebarrett
- Category: The Leader Board
THOSE of you who have previously been stung will know how much it hurts. And we’re not talking about insect bites here.
Only a small percentage of businesses do credit and payment checks on the firms they are about to trade with. Bad or late payers, as well as businesses in financial difficulties, could find their way onto your debtor list and cause you pain if they are not checked out first. Making sure you know the financial situation of existing clients is important too in this continuing period of economic instability.
There is information out there. Make sure you go out and find it to protect your company against non payment of invoices. When taking on a new client or renewing a deal with a long-standing one, it pays to assume nothing about how credit-worthy they are. If in doubt, check it out. You can be sure they are doing the same to you.