Creditors

A Small Business Guide to Managing Your Creditors

A Small Business Guide to Managing Your Creditors

Your relationship with your creditors is a major determining factor in the overall health of your business – get it right, and they can be a valuable friend in times of need. Get it wrong, however, and dissatisfied creditors could spell the end for your business. If you always pay creditors on time, there is rarely a problem. However, late payment from customers, wastage, poor sales, and a million other potential incidents could see your cashflow suffer, and it is in these situations that a good relationship with creditors is crucial. In this article, we cover how to manage your creditors smartly. You will learn how to identify the most important creditors, and how to manage them with a clear, transparent payment policy. We then cover how to deal with specific creditors, including your ban... »