Efficient Strategies for Addressing the Silent Revenue Killer: Inefficient Collections Process
Inefficient collections processes can be a silent revenue killer for businesses. When customers fail to pay their bills on time, it can lead to cash flow problems and ultimately impact the bottom line. However, there are strategies that businesses can implement to address this issue and improve their collections process.1. Establish clear payment terms and policiesOne of the most effective ways to improve collections is to establish clear payment terms and policies. This includes setting due dates for invoices, outlining consequences for late payments, and providing multiple payment options. By