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Spiral News - Issue 27

Are you committed to a contract you know nothing about?

 

Does the above question sound ridiculous?  Here's two more in the same vein:

 

Are you under contract to a supplier who you have never met to discuss the services they offer?

 

Are you being charged prices for essential supplies that were never agreed face to face, and which will be held for up to three years? 

 

These all might seem unlikely scenarios - but in reality many businesses are in that position, and are totally unaware of it. 

 

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Is your business adequately insured?

 

Do you treat the annual renewal of your business insurance policies as an essential task that requires expertise and effort - or do you see it as a time consuming and necessary evil?

 

If you fall into the latter category, it may be that your approach involves a cursory glance at renewal quotes from the existing provider, which you then accept if there has been no significant increase in the premium.

 

But are you qualified to make that judgement on your business risk?  And are you sure that your existing insurance policies provide all the cover you need for your business?     

 

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Cash in your bank - not your customer's bank

 

For companies that sell their goods or services on credit, the required 'investment' in debtors can be one of the biggest strains on working capital. 

 

Short credit terms and efficient credit control procedures can go some way to solving the problem.  But to really gain the maximum benefit from your debtors, you should consider using a Factoring and Invoice Discounting arrangement. 

 

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