5 Tips to Improve Cashflow with Laura Humphries

In this episode of "Minimise Debt, Maximise Cash with Top Service," Laura Humphreys, the Customer Development Director, shares five key tips for improving your business's cash flow. The podcast highlights that credit management is a crucial part of a customer relationship from the very beginning. Here are the five tips to improve cash flow: Use a Credit Application Form: This helps in collecting necessary information for due diligence checks before extending credit facilities. Check In After Providing Service: After providing goods or services and raising an invoice, check in with the customer. Ask if they received the invoice and if they have everything they need to make the payment. This builds relationships and helps ensure timely payment. React to Information: Monitor your customers for any changes and react accordingly. If you're notified of a new CCJ, you should consider chasing the invoice earlier than usual. Keep an Eye on Anomalies: If a customer's payment is late, find out why. It could be a simple mistake, like a mislaid invoice, or something more serious that requires action. Make Your Invoice Informative: Your invoice is a key opportunity to be paid on time. Make sure it is clear and easy to understand, including all necessary details such as bank information and reference numbers. If you accept card payments, include the telephone number customers should call to make the payment. The podcast emphasizes that information and communication are the keys to great credit control. Top Service offers individual advice, support, and a free "credit controlled health check" for members on their website. For any other questions, listeners can contact Top Service on LinkedIn or check out their YouTube channel for a video version of the podcast. To enquire about Top Service services for your Business, go to https://www.top-service.co.uk/contact-us/ Music by Purple PlanetRead transcript