Myth busting: Credit reporting
Credit reports are now a vital part of running a business but unfortunately, the act of credit reporting has not been adopted by all of the companies and business owners that we speak to; credit reporting doesn’t even factor into their procedures. Usually, we are given several reasons why our clients aren’t checking the credit […]
Can you boost your credit profile?
At Commercial Domestic Investigations, we talk a lot about how easy it is to damage your credit score but is there anything that you can do to give a boost to your credit profile? Company information Ensure that your company data is standard across the board, when you’re applying for lines of credit then use […]
What does a creditworthy company look like?
Every year there are thousands of new insolvencies, with late payments being a major factor in the failure of these companies. Businesses are now getting a little more selective about who they work with, and understandably so. There is now a lot more risk when working with new clients and businesses are a little more […]
Don’t let late payments ruin your day (or your business)
If you are a business owner then we don’t need to warn you about the impact of late payments, the warnings and cautionary tales are all over the news. Late payments can cause a huge amount of damage to your business. While changes are being made to regulations to try and reduce the damage that […]
Top tips for an efficient business
Flexibility and efficiency are important traits for a business. It is vital that you can deliver what you need to as effectively as possible, in fact, your efficiency can set you apart from the competition. The evolving business landscape means that your business is expected to be agile and react quickly to situations and continue […]
How To: Avoid the most common credit control pitfalls
Successful credit control may be one of the most difficult aspects of your business, as your company grows it becomes even more difficult to keep track of all of your paying (and non-paying) customers. Our clients come to us because they are struggling with late payments, their customers are avoiding them, and they’re unable to […]
How to: Negotiate with debtors
Unfortunately, calling a client and demanding payment is not an effective way to collect a debt. Not only does it look unprofessional, you can end up scaring off your customers. It is difficult not to become cynical when working in credit control but remember that some customers will have a legitimate excuse for not paying […]
Should you be extending credit to clients?
It can be difficult to know which customers are worthy of credit. The best way to avoid late or missed payments is to request a credit check on potential clients. A credit report gives you access to business’ key financial information; this information can help you to make a decision about who to work with […]
Get paid sooner rather than later
With £5.8bn written off by British SME’s in the last financial year, it has never been more important for companies to get paid. The average UK business spends over 130 hours a year chasing invoices. As your business expands the more clients you have; which is great however the more payments you have to keep […]
How a contract can support debt recovery
Debt recovery is a difficult task to undertake, although some overdue accounts can be resolved with a simple telephone call to the client, not all accounts are that simple. You may need to take further action with these clients and refer their account to a debt recovery agency, but there is something that you could […]
