The cost of doing business is an ongoing crisis around the globe. As the cost of labor, resources, and other expenses continue to rise, many businesses are struggling to keep up with their cash flow. This is causing severe bottlenecks, which can lead to layoffs and other drastic measures. To combat this, businesses need to find ways to reduce overdue payments, manage costs, and regain healthy financial liquidity.
SMEs must be attentive to economic conditions and adjust payment practices accordingly. By staying on top of your sales ledger, and making well-informed decisions, you can ensure your business remains competitive and financially secure.
Good financial policies are also essential for any business to maintain positive cash flow. Having a well-developed and implemented credit control strategy can help protect your business from any potential financial risks and ensure that your finances are being managed in the most effective way possible.
Steps to improve your business' Cash Flow:
Credit Control: Have in place an effective credit control policy that allows customers or clients to take advantage of more affordable payments, in more installments.
Reduce overdue payments: Make sure you’re invoicing customers promptly, in accordance with your policies, and you are following up regularly on outstanding payments.
Minimize debts: Try to manage any debts of your own and ensure you’re making payments on time.
Seek professional advice: If you are having difficulties managing your cash flow, contact XFS Limited for a consultation free of charge about how we can improve your finances.
Debt Recovery - XFS Limited can support you:
Employing one of our debt recovery products, XFS Solo & XFS Contingent in combination with XFS Outsource is a great way to keep your business finances in order. We can manage your credit control, and invoices and recover payments owed to you.
Overall, outsourcing your credit control is a wise investment that can provide peace of mind, improved customer relationships, and better cash flow for your business.
With the support of XFS Limited, you can get a better handle on your accounts, saving you time and money on chasing payments, and improving your cash flow.
Using automated payment reminders by text or email, inbound and outbound call handling, payment tracking, and effective reporting, you can stay on top of your finances and avoid any unforeseen scares.
Whether you're an SME or a large enterprise, XFS Limited offers a range of products to make managing your cash flow easier and more efficient.
Contact us to find out how we can revive your liquidity and advise you on the way forward with peace of mind, improved customer relationships, and better cash flow for your business.
☎️ 0141 483 3345, info@xcelfinancialsolutions.co.uk
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