Presentation on theme: "Excellent Credit Control The cheapest form of funding for your business Midlands Think Tank 14 th November 2013."— Presentation transcript:
Excellent Credit Control The cheapest form of funding for your business Midlands Think Tank 14 th November 2013
Contents The Ten Key Questions The current problem My views on credit control The ATTACK ® model for credit Possible Solutions to your current situation
The Key Questions 1. Do you give Credit? 2. If you could move your entire debtors balance to your bank account – would it make a difference? 3. Is cash flow an issue for your business?
The Key Questions 4. Do you contact your customers on a timely basis regarding payment? 5. Do you enjoy the task? 6. Do you have someone else phoning on your behalf? 7. Do they enjoy the task? 8. Are there areas within the credit function that could be improved?
The Key Questions 9. Do you ever wish that this problem would go away forever? 10. Would you like to discover a solution designed just for you?
The current problem Customers take longer than expected to pay. Queries on invoices Requests for copy invoices Purchase Order numbers Cant contact the person you want Banks reducing facilities Suppliers looking to be paid sooner Revenue extremely
My views on credit control Credit is the completion of the sale Credit control should be a customer service function Properly managed credit should be a profit centre within your business Properly controlled, credit can be a great marketing tool
My views on credit control Your debtors ledger tells the full story of your business There is a right way and a wrong way to ask for payment Sooner is always better than later A clearly communicated credit policy can increase sales significantly.
Timely collections doesnt happen by accident. It happens by applying our six step ATTACK ® model.
The six steps to excellent Credit Management Assessment Terms & Conditions Teamwork Administration Collection Key Performance Indicators
Possible Solutions Spend the time to do it yourself Recruit a trained and professional credit controller. Get the professionals to do it for you, at a fraction of the cost of the above options