So – you got stung with several bad payers. How do we learn from this situation?
Hopefully in the first instance you will review your policies and procedures. Assuming you have them of course. If not – your first learning experience is that you will be needing these for the future.
Not only that – you need the buy-in from all departments to ensure they follow the rules, both internally and externally.
From a financial perspective, it will set a target for you to ensure that you don’t lose the same the following month/year.
Despite what has occurred in the past, it must be viewed as an opportunity to improve on past actions. Only then can you begin to build better processes to ensure that you do everything possible to prevent late payments in the future.
If all else fails, call the experts. We are happy to help enhance your business processes.