YOUR money: BIZ NEWS; BIZ BUREAU TOP TIPS TO KICK-START YOUR BUSINESS.
More than half of small and medium-sized enterprises (59 per cent) have experienced problems with delayed customer or supplier payments at some time - almost double the figure reported in 2004.
However, BACS and Better Payment Practice Group have these top tips that may help with cash flow:
1. Be pro-active - always chase early. A polite call or email can often pre-empt a payment problem.
2. Do your homework - avoid risks by running a credit check on new customers.
3. Demand interest on late payments - you are legally entitled to it.
4. Boost cashflow - get paid electronically as funds clear quicker for use.
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|Publication:||The Mirror (London, England)|
|Date:||Nov 22, 2006|
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