Pre-Summer Debt Management
27th February 2017
Print out all your outstanding client accounts and take action. Once families head off on holidays it is much harder to chase your client debts. You may start with a letter, proceed to a firm email, and finally make a phone call. A script for this difficult phone call may help get your nerves down and keep your message super clear. A payment plan may be the solution, so think clearly about the terms you are happy to accept.
Write down the escalating actions you take as this forms the basis of your procedure. Think about what you can do to avoid outstanding accounts, how you will invoice, the software you will use, who will be responsible, and how it will all be managed and supervised.
This is all part of cashflow management.
In addition, you need very organised procedures for billing to NDIA, DSS for HCWA and BSI (or your consortium), and any other third parties may supply.
More procedures for you to write up.
This article featured in the 2016 December Edition of Paeds Biz.