Keeping a tight control over your debtor ledger is crucial to surviving these times.
If a customer who usually pays in 45 days starts to drift out to 60, you need to be asking the question as to why that is (there is always a reason).
Spreading your risk over a number of customers is a great way to mitigate risk. Stress testing your company’s resilience to a bad debt is also a good way to get around it.
Get business news first
Sign up to SmartCompany’s daily newsletter
I found this video very useful.