December can be a difficult month for businesses, particularly when those businesses are shut down over the Christmas period. If cashflow is an issue, then it is usually the end of the year when the effects are being felt most keenly. So what can be done to make this Christmas a little easier?
The most important thing to do is plan ahead. If you haven’t done so already, be sure to collect any outstanding payments before your clients and customers switch off until after the holidays.
This month will provide people with the perfect excuse not to pay invoices, particularly when due dates fall on Christmas week. Few business owners will want to be spending their time settling invoices over this period and accountants will already be off on their holidays.
While you probably don’t want to feel like a bit of a Scrooge this Christmas, it is wise to make sure you are not too charitable with your clients when it comes to collecting money off them. Putting things off will only make it all the harder in the new year when things are forgotten about.
If you find that things have got a bit out of hand and you need some help and guidance with debt recovery, contact one of our experienced debt recovery specialists. We may be able to eliminate your cash flow concerns altogether.