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My name is Lyanne and I’m the managing director of Wilds. Welcome to our website we’re so glad you found us. There’s lots to take in on here but if you have any questions just fill in the contact form and we’ll get back to you.

Here at Wilds we’re all about helping you to achieve your ambitions. The Wilds team have already achieved some of theirs: completing a 6 marathon challenge, being able to do the school run and getting more involved in charity work. But enough about us we’d like to get to know you so if you would like to come in for a coffee and a chat to see if we could help you please get in touch.

 

Credit Control

Many people think of credit control as making a few phone calls towards the end of the month. In truth, effective credit control is so much more and could make all the difference to your cashflow.

Good credit control starts from day one. Conducting thorough initial checks is essential at the start of any business relationship. Find out exactly who you are dealing with and what their legal status is. For example:

  •  Mr John Smith – an individual
  •  John Smith trading as John Smith Printworks – a sole trader using a trading name
  •  John Smith Printworks Limited – a limited company
  •  John Smith Printworks LLP – a limited liability partnership

It could become problematic further down the line if there are difficulties with non-payment and you do not know exactly who your customer is.

Do a credit check. It is a good way of alerting you to any potential risks.

Set credit limits. Ensuring that you set realistic credit limits and then sticking to those limits is a good way of making sure that customer accounts are reviewed regularly.

Have written terms and conditions. Ensure that your terms and conditions of business are clear and concise. They should set out when payments are due and what will happen if payment is not received on time – for example, will you charge interest?

Take immediate action. When an invoice becomes overdue, chase it! If an invoice is due for payment by the end of the month, pick up the phone as soon as the date for payment passes. It could just be an oversight on the customer’s part, but chasing invoices in a timely manner shows you are serious about getting what is owed to you.

 

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