This is the season to be jolly and, with the increase of UK consumers investing or should I say drinking English Wine, I am sure that all of you are looking forward to a busy couple of months. As any hostess will know, in order to organise the best Christmas party the first and most important thing (some would say) is to organise the booze first, and the rest will follow. In my world the top three most important items are booze, hair and shoes!
However, for many companies this time of year can mean additional costs that are not generated throughout the rest of the year. While companies are looking forward to the additional business it is important to consider how you can protect yourself and indeed your cash flow as best as possible.
To help ensure that you can safeguard your business and keep the accounts in the red here are some handy tips to consider:
- Be organised. It is essential that you start early and don’t leave requesting payments until the last minute. Beginning the process of requesting payments early not only ensures that you receive payment earlier but also gives customers time to arrange payment given the busy time of the year.
- Be proactive. Ensure that you are on top of chasing outstanding payments and don’t be shy to chase late payers! Leaving chasers to the last minute may mean that the account is not settled until the New Year.
- Seek the guidance of an experienced debt recovery specialist. It is essential that you seek advice or request help from an experienced specialist as early as possible to assist with debt recovery. This will help to take the stress off the business as well as ensuring the relationship between the company and the customer remains intact. This is something that Whitehead Monckton offer to our clients, particularly in the consumer market which they find helpful. It is particularly useful when the chasing can be passed off on those pedantic lawyers!
Utilising the helpful tips above will allow more time for enjoying the upcoming festivities and focusing on what is most important during the run up to Christmas, which is choosing the best wine. Given that this is such a difficult choice I had to try to assist by trying them all! My favourite wine, and that which I will be using to celebrate this year, is Pelegrim from Westwell. I will be recommending to anyone who will listen that they try all of the local wines to find their favourite too.