Are your customers delaying their payments to you? Communicate with them and find out what the problem is and whether you can negotiate alternative arrangements regarding payment. Don’t sit back and wait, because it might be too late. Keep an ear to the ground for what is happening in the market place and, in particular, how your key customers are trading.
If you are having problems in paying your own bills then communication with your creditors can be very important. If you can show them plans on how you are going to overcome the short term cyclical nature of business, then you will probably be able to negotiate an on-going repayment schedule that will work for your changed cash flow circumstances.
Remember – communication is the key!!
Then implement a debtor & Creditor process.
