It is well known that outstanding debt can cripple a business.
Small to medium businesses (SMB’s) know this all too well, first-hand.
And they also know all too well the absolute necessity to encourage and facilitate prompt payment between invoice dispatch to actual receipt and for any outstanding debt to start to be repaid as soon as possible. For SMB’s time is key – both for the time taken to recover any and all monies owed, and the time taken to receive at least partial repayments on any overdue and outstanding debts, on a case by case basis.
Even an incremental reduction in either can make the weekly, bi-weekly or monthly ledger look a lot healthier. With cash flow and invoice turnaround so integral to covering running costs, wages and to service their own loans and accounts, SMB’s are at an increased risk of running into the red every time an invoice crosses into overdue status.
Economics of scale dictate that larger businesses with larger cash flows can carry more outstanding debts for longer periods of time, without the same pressures on balancing them with running costs that SMB’s face. However, this also comes with some other very real costs.
Labour and other tangible resources that are spent on not only invoicing but also following up outstanding debts are associated costs that can never be recovered. These too can be real strains on any business that impact the margins. In short, any reduction of these strains translate directly into greater efficiencies that improve overall profitability.
SMB short term vitality – and indeed long-term viability – depend on remaining competitive in the market place. This demands modernisation to not only keep up with but surpass direct competition. Across commerce and industry, automation and digitisation are shaping futures, making old methods redundant. The business world has seen significant change in recent decades – mobile phones, computers equipped with email, word processing and spreadsheet software – are all commonplace examples of digitisation that have enhanced day- to-day business operations.
In fact, few would argue that they are all necessities across the board of 21st century commerce, from SMB’s to multinational corporations, automating once manual processes and removing unnecessary man hours and middle men. Pagers, land mail, typewriters and calculators are outdated, dead or dying, for the most part.
Debt recovery is changing too. Small Business And The Strains Of Outstanding Debts Now, resource and labour intensive debt recovery processes too can be automated with leading edge digital technology to improve efficiency and profitability. Cloud Payment Group presents an accessible, cost effective turnkey solution to change the way businesses manage invoicing and repayments to increase cash flow and reduce the impacts of outstanding debts.
The innovative platform improves communications avenues between businesses and debtors with 24/7 accessibility to drive optimal outcomes with dynamic options and solutions in each and every case. Driven by Artificially Intelligent (AI) software algorithms it treats debtors with greater dignity and respect – recognising them as active clients, not unresolved problems – through proactive automated messaging for higher response rates to increase interaction and remove dialogue hesitancy and barriers to payments actually being made.
This approach serves to increase debt recovery rates, making payments simplified through modern technology to shorten debt turnaround times. The technology increases outreach volume while reducing manual processes, internal duplication and pressures on business resources to drive down end-to-end costs. ” Across commerce and industry, automation and digitisation are shaping futures, making old methods redundant. By removing time intensive invoicing and debt recovery tasks from employee hands, any business stands to benefit – immediately.
In a competitive landscape, SMB’s simply must take advantage of every available technology that improves efficiency – and the bottom line Like mobile phones and computers, future ways of doing business can arrive suddenly, permanently – and early adopters are best placed to maintain their market position and prosper.
Reduce the strain of outstanding debts on your business tomorrow – contact CPG for a cost effective, bespoke solution today!