Managing your relationship with your customer from the start of your dealings with them can help reduce write-offs. Successful businesses that survive the tough times and thrive in the good times have robust processes.
They will start with a prospect check before beating a sales path to the door of their new prospective customer. What do we mean by this? Well, let’s say a sales representative has 50 prospects he would like to approach there is little point in him spending two weeks chasing one or more only to find out that they don’t pass the company policy on account opening. A quick ‘prospect check’ through AccountAssyst can save much time and it will indicate whether that prospect is the next golden customer or a potential liability. When the sales person does come to opening an account on credit the data they collect before the sale is processed is also crucial.
Therefore having a comprehensive credit account application form (with distinctly separate ones for limited companies, sole traders, and partnerships) that asks the right questions will help should problems arise in the future. This is all part of the AccountAssyst offering. If you would like some recent examples as to how the collection of relevant data can prove to be so important in effective collection of future accounts then please do not hesitate to ask us .
Special offers for NBV Biz Ex Members
NBV Biz Ex Members can access 8 free credit reports and a standard set of terms and conditions – just register with AccountAssyst to access the reports. Log in and visit the Member Benefits Access page for full details of the service.
Are you having trouble finding the time for credit control or chasing outstanding payments? NBV Biz Ex Members can access Direct Route’s debt recovery services free of charge (saving £200+VAT) meaning that commercial debts of up to £3000.00 can be recovered at no cost to you.
You may also wish to access the ‘Letters Before Action’ service which provides your debtor with an opportunity to pay the amount owed to you without incurring late payment fees.
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.