be careful of some of your customers. They may be sly foxes
Tips : Strategies To Reduce Debts
1.Focus in collectable & big customers
2.Know your positions ( terms of contracts) for negotiation or suing purposes
3.Do you practices 7cs? ( credit analysis) front end
4.Last resort, outsource ( debt collectors) or insource ( staff incentives)
5.CTOS ( after failure in outsourcing or suing)
6.Restructuring or rehabilitation
7.Write off debts ( after 1 year & totally uncollectable) claim GST bad debt relief & specific bad debt tax deductible
8.Focus on reliable sources of funds ( energy exposed to >1 acct) transfer bad acct to good acct . Awaiting feedback
9.Protection your assets( deposit, prepayments, trade insurance, BG, )
10.BG will be double for problematic customers