Member Benefit Provider Ken Brown will be providing some great tips to help you avoid common pitfalls when it comes to getting paid for your services.
Ken’s tips are delivered in the format of the 7 Deadly Sins of Credit Management – Here’s the second tip in the series!
Deadly Sin No. 2 – Terms & Conditions are absent or barely there!
Startling but true – many successful and professional businesses have inadequate terms and conditions, or worse still, none at all.
If that’s you don’t ignore it. When the going is good and you are being paid and there are no glitches in your supply chain, it’s tempting to overlook the importance of terms and conditions.
But they are crucial when relationships turn sour with a customer or when a customer queries an order.
You should have basic Terms and Conditions in place as an integral part of your process when offering credit to other businesses.
Ideally, your terms and conditions should specifically and clearly have been acknowledged and agreed to in writing, or similar, by your customers before trading commenced.
All too often small and medium businesses risk their entire stability for the sake of saving £500-£1000 with a solicitor for watertight T&Cs.
Special offer for NBV Biz Ex Members
Online help is at hand. If you don’t have any terms and conditions the AccountAssyst credit account opening facility provides an immediate ‘stepping-stone’ solution providing basic T&Cs. But only use these as a stop gap – invest in your own professionally produced Terms and Conditions.
Log in and visit the Member Benefits Access page for full details of the service.
Ken Brown represents both Direct Route Collections Ltd and AccountAssyst, an online credit management service. Direct Route provides a solution for recovering debts whilst AccountAssyst provides a prevention. More details about both services can be accessed by logging into the Members’ website.