Credit control can be described as the process of ensuring customers pay their invoices on time, and the system in place to resolve the issue if they don’t. Cash flow has been covered in another chapter of this book. Credit control is a vital part of controlling that cash flow.
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Struggling with cash flow? Many SMEs are. Maybe cash flow is so slow that you’re not able to pay your staff or yourself a wage – 32% of business owners can’t. If you’re struggling to pay staff on time and can’t pay yourself a decent wage, that’s scary.
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I doubt any business owner is totally ready for the pressure that being in charge can bring. It’s hard being the person at the top, particularly when it comes to having money issues.
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More people are looking at credit solutions to help their businesses navigate these unprecedented times I thought it would be helpful to understand the different types of credit search and the impact of each on a credit rating. What is a credit search?
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