Status: Amber Traffic Light
Remedy: Medium Term Strategy
“Credit control is the process of control over payments coming into and going out of the firm. It is mainly concerned with the firm's creditors (people who the firm owes money to) and the firm's debtors (people who owe money to the firm). Tight credit control is important if a firm wants to avoid cash flow problems.”
Businesses that have no effective form of control can find themselves victim to all types of weaknesses that are the sources of why businesses fail.
The key points that need to be looked at are whether the businesses have done everything in order to facilitate and obtain payment. Once that has been established, it is for the business to ascertain whether they are doing enough to ensure that payment is made as promptly as possible whilst facilitating loyal businesses that may have fallen on hard times.
Services: Business Information Services - Tracing Services - Credit Management - Pre-Legal Collections - Property Searches
Benefits: effective sector-specific management of business credit control.