Last month, Time Finance published a survey in which around 20% of their clients turned to them as they were concerned about not damaging client relationships.
As a specialist who helps businesses with putting together rigid debt recovery processes, I was surprised to read this ranking as a major contributory factor as an excuse for non-payment, resulting in businesses looking at invoice factoring/discounting in detail.
When you enter into a sale, the bottom line is to be paid from it and not to think that the over-arching framework here is to ‘damage your client relationship’.
But the question remains, should companies look at leveraging invoice financing as a means to alleviate that cashflow hole and overall, is it worth it?
I wholly agree that if you have made the sale and are awaiting payment, fundamentally recruit a credit controller in-house or freelance to resolve the outstanding debt invoices to you.
If you are considering utilising a credit controller or looking at how to not damage sensitive client/customer relationships, please get in touch as to how I can assist you in overcoming these issues.
Ref: 18 April 2023 – Time Finance Press Release – 7 in 10 business worry about cashflow.