So how do you handle this aspect of your business? How does your company’s credit control compare against best practice for getting paid on time, every time?
We’ve created a short 3-minute video about this. It explains what you need to do to adopt best practice – and the hugely significant benefits that will bring to your business.
The background to this is a little research we did, which generated some interesting results:
- 83% of business owners reported that they have at least 1 month’s turnover that’s late.
- 76% of business owners thought their credit control process couldn’t improve results for them.
Proven results and business benefits
We’ve developed a best practice for credit control over the years that’s proven, time and time again, that these results can be improved.
In fact, when we worked with 5 different clients, we were able to achieve very impressive results:
Alex @ PR company: YRH was able to collect >£104k in 10 weeks (business owner couldn’t believe he’d ever get paid some very difficult debt and had been prepared to write off >£60k). We worked 1 day a week for the first 2 months, with some input from a YRH Financial Controller on difficult debt, then 2.5 hours a week on average.
Paul @ Tech business: We collected >£90k in 6 weeks (bank balance went from -£25k to +£500k in 12 months). YRH supported 1 day a week, which included other bookkeeping activities.
Ellie @ Training company: Ellie was owed £100,000s and was in tears about the pressure of not being paid when we met. Our team got it all collected in a few months – working 1.5 days a week, which also included doing the day-to-day bookkeeping.
Simon @ Recruitment business: We were initially hired for a 1-month credit control project, working 2 days a week to get everything up to date before the sale of the business – the YRH Finance Manager was so good, they asked her to stay on an extra 3 months. Following the business sale, they asked us back 6 months later.
Darren @ Health & Safety consultancy: YRH collected £900k of £1m “difficult to collect” debt, working 3 days a week over 3 months. The work cost £11k and delivered 8,000% RIO.
Take control of your finances
Download our 11-point Credit Control Checklist to help you understand what best practice looks like.
To find out more about how to get paid on time, every time – including some practical pointers for getting everyone onboard with this idea – watch our related video.