Weathering the economy – Improve your collections to help secure cash flow
Abstract: In a stormy economy, it can be difficult to collect receivables from clients who are experiencing cash flow problems. This can, in turn, threaten your ability to access working capital, reinvest in the company and pay your own bills. This article offers tips on how you can improve your collection process, so you can maintain a steady stream of cash even during harsh economic times. A sidebar discusses why it’s critical to assess the financial backgrounds of potential clients to make sure you don’t bring collection hassles into your business.