Unpaid invoices and a lack of cash flow are two of the main problems experienced by small businesses at the moment, with some firms only one large fulfilled but unpaid invoice away from collapse.
"It is never a good idea to take chances with new customers, but it is more important than ever when times are hard to ensure that you are trading with legitimate businesses," said Doug Crawford, group managing director at Cattles.
"SMEs should take every opportunity to minimise the risks they face in the current environment, including introducing a policy to credit check every new customer as standard."
Source: Cattles Invoice Finance.
www.ukba.co.uk
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1 comment:
...and an even more shocking number forget to put their Terms of Payment onto their invoices! How does your customer know when to give you your money if you don't tell them when you expect to get it?
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