Credit Control
The business sector is universally recognised as having an incredibly slow payment culture. Everyone appears to agree that this culture is not good for business; it is unfair, especially on small businesses.
Credit control is about controlling risk, the risk of non-payment and the risks associated with late payments.
These are the main problems inherent in the late payment culture - how to get your money while keeping good customer relationships.
What does this mean for the business owner? There is less money being paid, so keep an eye on your debtors and chase your debts hard. However, this is often an area which is avoided by many business owners, which can have devastating consequences.