The harsh reality is that, in the UK, four in ten businesses don’t make it to five years! The main reason for this…. cash flow. Two small words that can have a massive impact on your business. In fact, according to the Office of National Statistics, cash flow is responsible for up to 90% of […]
I’ve always been fascinated by psychology but I’m no expert. So I asked psychology blogger Jessica Bloomfield-Harris to write a guest blog all about why we don’t like asking for payment. It makes for some very interesting reading! Many of us hate asking for payments from our clients despite needing the payments to keep […]
This is the first in a series of blogs that explore the different reason or excuses you may come across for late payment. How do you know if it’s a genuine reason or an excuse? What action will you take? Are they Really Too Busy? It can be frustrating when you call only to be […]
It’s inevitable. Like it or not this is a natural time to reflect on the experiences of the past year and consider what you want to do in the year to come. It may be trite, and many of the things we decide upon now will be forgotten by the third week in January, but […]
When I first started NK Credit Consultancy last year I didn’t really give a great deal of thought to the name. I needed a name to register at Companies House and this was what my husband and I came up with at the time. Not very inventive but it served a purpose. The Wrong Idea […]
Is your bank balance keeping you awake at night? You should know you’re not alone! A 2017 study from Barclaycard showed that a whopping 63% of SME decision makers worry about their business’ cash flow. That’s a lot of sleepless people. Cash is king in any business. We hear this expression over and over again […]
Some people in my sphere hold the opinion that I must be barking mad to work in the area of financial services that I do. Or even in financial services at all. In fairness it’s an apt description given that credit controllers are often referred to as Rottweilers! Yet, stepping away from the association with […]
Invoicing is a critical part of any business’s processes. Without invoices your customers won’t know how much and when they need to pay you. And without any money coming in, your business won’t survive for long! Being a small business owner often means too much to do and too little time. Yet it’s worth making […]
We can all agree I’m sure that getting paid late is frustrating. Why then do we often take so long to do anything about it? In our blog Is the Credit Control Call Dead? we looked at some of the reasons why we may not be as effective in chasing for payments as we could […]
Over the last few months I’ve spoken to many business owners. Time and again I’ve encountered in them a crippling dislike of calling clients and chasing for payment. They’ll email the reluctant payer until the cows come home yet do all they can to avoid picking up the phone and speaking to them! Which leads […]