In the current economic climate, financial stability should be of paramount importance to the financial director or partner of any firm. In general, access to funds has eased during the last 12 months or so but the very old adage of “cash is king”, still very relevant to all businesses.
Winning new business is vital for any practice but it is also vital to make sure that the practice is paid promptly for the work it has carried out. It also goes without saying that providing a first class service to the client is essential, but it is just as important to manage cash resources efficiently and collect all unpaid debts.
Below are just a few pointers that are worth considering.