Money. When there’s enough of it flowing in the right direction, all’s well. If there isn’t enough money, you suffer from an interrupted cashflow, or you fall into unexpected debt for some reason, your business – however solid – can soon start to suffer. Financial and physical assets… the same goes for them. If high value items are lost or stolen, property invaded or damaged, you’ll need help recovering what’s rightfully yours and resolving the damage.
Here are 20 cool business tips for the new year, designed to help you stay solvent, keep control of your resources, keep your assets safe and collect the money you’re owed in good time.
Top 20 tips for financial security in business
- Treat yourself to a partnership with a top-class bailiff and collection service, even if all’s well at the moment. It’s wise, in business, to have someone ready on your side just in case you need support fast
- Find a partner who has an online system to support you, offering your own account and login details for 24/7 access. It makes such a difference compared to the old-school way!
- Even when you’ve got someone on your side, it makes a lot of sense to educate yourself about the laws, rules and regulations around business finances, debt and related subjects
- The harder you make it for squatters and other invaders to get into a property, the less likely they’ll be to break in and cause you problems. Every property deserves the best possible security
- Invoice instantly! Always send invoices as soon as possible after the job’s finished or the goods are sold. Set formal payment terms and deal with late payers as soon as they pass your deadline. Always follow up on the invoices you send
- Don’t let credit control slide. In a world where cashflow problems are one of the top reasons for businesses failing, it makes sense to keep tight control of what you’re owed at all times. Keep control of your costs and all outgoing as well, so you always have a clear mental picture of exactly where you stand at any particular time
- Find yourself a debt recovery partner who charges on a no collect, no fee basis
- Has someone disappeared abroad owing you a lot of money? Don’t despair. It’s often possible to trace them thanks to expert asset searches, carefully designed with businesses and high net worth individuals in mind
- How do you tell if litigation is the way forward? An experienced bailiff and collection service will be able to ascertain the facts for you and help you decide whether taking the matter to the courts is worth your while
- If you have to make a County Court Judgement claim, unless it’s very simple and straightforward, you’ll probably need help presenting it professionally. Don’t leave it to chance. Get someone who knows their onions to support you, keep the costs down and help everything go smoothly
- Dirty, damaged sites are worth a lot less than clean, well-maintained ones. If your site has been trespassed you could face a huge task sorting things out. A professional environmental cleaning partner takes the hassle and hard work out of the task as well as abiding by the often complex health and safety rules
- Did you know that it doesn’t cost landlords and property owners a penny to recover commercial rent that has fallen into arrears? The fees are simply rolled back into the recovered debt, which makes life so much easier and less stressful
- Does your debt collection partner match up debts with specific debt collectors who have the exact right skills and experience? If not, find one that does. It matters because it almost always means a higher collection success rate
- Do you need to take your premises back from an unsatisfactory tenant because they’ve breached their agreement or failed to pay rent? You might not have to go to court. The matter might be settled better by an expert in forfeiture, someone who will act within the law, do so peacefully, change the locks, clear up if necessary and make sure the tenant doesn’t return
- High Court Enforcement isn’t something you want to handle yourself. Find a partner who won’t just work with you, they’ll also explain the process in detail so you understand it fully, and manage the case along with the High Court’s own enforcement team
- If you have vital legal documents to serve to someone, it’s crucial to get it right and tick all the legal boxes. It’s not a good idea to serve documents yourself, much more sensible to hand the matter to a professional
- Empty properties are at serious risk of break-ins and damage. You need good security to protect your investment, things like strong steel shutters. Don’t leave it to chance, find someone who understands the risks fully and knows that every case is unique, every property is different
- It’s always wise when taking on a new client, to carry out a credit check to make sure they’re capable of paying you and haven’t been in trouble – or caused it – in the past
- Never leave your tax calculations to the last minute. When you do your accounts on an ongoing basis and always know exactly where you stand, you’re in a much stronger position than being unaware of an upcoming problem
- It sounds obvious, but don’t mix up your personal and business finances. Keep them completely separate
We can help you with all of the above, designed to help you create and grow a thriving business with smooth, regular cashflow and no outstanding debts. Just give us a call to chat about partnering with us for all sorts of business benefits.