I was watching the All-Ireland Football Final between Dublin and Mayo on Sunday last and, at the end, was wondering where on earth did the referee find the extra 7 minutes to be added on at the end of normal time. He must has been meticulous in keeping track of any time that was wasted for any reason during the game. A bit too meticulous. I thought.
And yet, why wouldn’t he go to such trouble to get it right ? He’s just doing what he’s supposed to do. And it’s the same with your Credit Control Procedure. You want to be sure that you’re doing everything correctly and you also need to be meticulous in this. If you slacken off in any of the important areas of your procedure, you’re leaving yourself open to accounts not being paid on time and in full. You need to be sure that in :
- Setting up a Credit Control Policy
- Opening New Accounts
- Dealing with Queries
- Chasing the Money
and so on, that you do it all exactly right. Your Cash Flow and ability to pay your own bills and wages are all dependent on you being paid for the goods and/or services you provide. Turnover is not the same as Cash or Profit. Turnover has to be converted into money in the bank before you can say that it’s successful business.
If you’ve been following me on Facebook or Twitter recently, you’ll have seen a number of Top Tips in Credit Control there. I posted these to give a few useful pointers for you but also to give small examples of what you can find in my book – “100 Top Tips in Credit Control” which is available on my website – http://www.creditcontrolconfidential.com . Check it out and see if it you’d find it useful.
And so on to the All-Ireland Replay. Hopefully the quality of football will be better than Sunday and that the best team – i.e. Dublin – emerge victorious on the day.