Watch the recording of the webinar of September 28 and learn how to find the time to make your calls, get results and build a positive relationships with your customer.
You spend the entire day at your desk, skip lunch and head home an hour late. But, as you’re reflecting on what you did all day, you realise you didn’t really accomplish anything. It’s frustrating, right?
Today’s manufacturer must compete in a global economy with innovation and efficiency. Many manufacturing firms continue to struggle with financial challenges.
More efficiency in the credit management operation of your manufacturing business will help you improve cash flow and increase the value of your firm. Your operation needs cash to stay healthy. Credit management makes sure your invoices get paid.
If you’re looking at maximising cash flow you can’t just look at top-line growth, or increasing sales. You also need to increase the speed of receivables — monetary and other obligations owed to you by customers or debtors.
The chances are that the organisation you work in has siloes, in smaller or larger extent. That is quite a pity since a lot of relevant information is lingering around in systems which are perhaps inaccessible to other teams.
It’s easy to assume your customers know your payment terms. After all, the information is probably right there in your contract and on the bottom of every invoice. But do your customers really know their responsibilities?
For the credit management function of a business, knowledge is definitely power. You need the right information to ensure the basics. But information and can also help you to make strategic decisions and speed up payment times.