Ups and downs are an inevitable part of business and not always something to be concerned about. It is vital that you can identify the mountains from the molehills, this can mean the difference between staying afloat and sinking.
Outgoings more than incomings
Forecasts may be dull, but they form the foundation of good credit control. A forecast can help you to prepare for the future and alert you to any issues or shortfalls that you may have. Assess your expenditure, of course; you are required to pay office rent, our office supplies, wages and other running costs. However, you may be able to cut down on some unnecessary expenses.
Late payments can cause a lot of damage to your business; you cannot forecast for them so you can’t include them in a budget. By using a credit report, you can assess the risk of your client. If they have a history of making overdue payments or even not paying at all, you may want to avoid doing business with them or request that they pay a deposit upfront.
A business can only last for so long with loyal customers, at some point you need to have new clients, a successful business will have a constant influx of new clients if you have stagnated then you may want to revisit your marketing efforts. While trying to attract new custom, it is worth up-selling your services to your current clients. If they take on more services with you, then you will see an immediate improvement in your cash flow.
At Commercial Domestic Investigations we want you to succeed, we have a range of services to help you achieve your goals. From credit reporting to invoice collection we can help ease the pressure. If you want to discuss your requirements contact our team on 08444 159200 or email firstname.lastname@example.org.