Businesses rely on a healthy flow of income to remain in business. For small businesses, a bad debt can mean the difference between profitability and net losses.
Outstanding payments can make or break your business, whether you're a sole trader or a multi-million dollar company.
Small business owners and sole traders can find themselves in a tight spot when it comes to chasing outstanding accounts. The business owner must pursue the money from the client, but also try to get repeat business – sometimes from the same individual. It can be challenging to walk that fine line between a happy customer and a positive bank balance.
Here are some tips for collecting all your overdue accounts, tips that I have tried and found to work: