Late payments left UK SMEs £266 billion out of pocket in 2016. Add to that the late payments for larger organizations, and it’s easy to see how much of an effect late payments can have on individual businesses, as well as the economy as a whole. Late payments are a problem for businesses of all shapes and sizes. Where do you start if you want to prevent them? Check out these 5 things you can do right now!
Spreadsheets – they’re great, right? But if you’re looking for a better way to manage your data, then it’s time to look into specialized credit management software.
Calling a customer and confronting them with invoices that have not been paid can be hard. But what if the customer discloses that they are having serious health problems, terminal illness or even suicide plans? How can you deal with vulnerable customers?
It has long been prophesised that one day robots will render human labour obsolete. However, rather than plunging society into the unknown of universal unemployment, artificial intelligence has the potential to revolutionise business while working alongside humans.
This is because technology lacks one vital possession that means it can never replace humans entirely: a heart.
Are you keen on finding ways to improve and grow? Take a step back once in a while and invest in keeping your skills up to date:
One of the problems that face businesses that are looking to put in place change is the way in which they are siloed. This is why a wider stakeholder team need to be engaged with payments – a multi-departmental approach can make the difference between success and failure.
By repositioning accounts receivable as an integral part of the organisation substantial improvements can be made business-wide. Changing the way credit management is perceived and worked with in your organisation isn’t an overnight process.
Improving customer experience might seem like a big project, but it doesn’t have to be. Here are five simple ways that you can give your customer experience a boost.