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As a business owner, there's nothing more frustrating than a vendor or customer who fails to pay what they owe. Unpaid fees or invoices can significantly strain your cash flow and disrupt your operations. When this happens, acting quickly and following the proper legal procedures to recover the outstanding debt is crucial. One of the first steps in the debt collection process is sending a Section 129 Letter, also known as a Letter of Demand. [...]
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Debt collection can be a complex and sometimes daunting process, especially if you're a small or medium enterprise. One crucial aspect of debt recovery is pre-legal collections. But what exactly are pre-legal collections, and how do they function within the South African context? Pre-legal collections refer to the initial stages of debt recovery, where you attempt to collect unpaid debts through non-legal means. This phase typically involves interaction between your business and debtors to facilitate [...]
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If there's one thing a business owner should prioritise, it's doing a thorough credit check before signing on the dotted line with vendors and suppliers. The stability and reliability of your supply chain hinge on the financial health of those you partner with. Credit checks play a pivotal role in vendor and supplier management, offering a strategic advantage in navigating the complexities of business relationships. Mitigating Financial Risks While risks are inherent in the business [...]
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Business owners know that it takes many cogs to ensure a well-oiled enterprise. Yet, they understand that fiscal health is the engine that makes it all go round. Cash flow, in particular, is a vital part of financial health and sustained business growth. As you're getting all your ducks in a row for a successful business year ahead, let's explore actionable strategies to improve your business's cash flow in 2024. Embrace Digital Payment Solutions The [...]
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Maintaining a healthy company credit score is essential for the growth and sustainability of your company. A strong credit profile opens doors to financing options and builds trust among suppliers and partners. If you're looking for some practical advice to improve your company's credit score, you've come to the right place. Implementing strategies to improve your business credit can significantly impact your success. Let's have a quick overview of a business credit score before diving [...]
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Credit is a bedrock of modern businesses. It stimulates the economy and promotes commercial activity. However, there's a potential downside. Credit allows people and businesses to spend money they don't have. It's not a perfect system, and it can entice people to spend more than they earn, use credit for ordinary purchases, and choose credit even when they have cash available. The reality is that poor credit and money management skills often lead people into [...]
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In the dynamic landscape of South African business, entrepreneurs and business owners are constantly seeking ways to gain a competitive edge and unlock growth opportunities. Meeting market demands or strategically generating a need is pivotal in achieving business success. But in the global business world, success often hinges on more than products and service offerings. It revolves around credibility. Suppliers and customers both benefit from a system that showcases credibility. Access to accurate and reliable [...]
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Successfully managing a business demands a delicate equilibrium of multiple factors, with cash flow as the cornerstone. Cash flow is the movement of money in and out of your business, and it serves as the lifeblood that keeps your operations running smoothly. Unfortunately, poor cash flow can have a far-reaching impact on your business, affecting everything from day-to-day operations to long-term growth prospects. Let's look at five ways poor cash flow can hinder your business [...]
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As a business owner in South Africa, you are well aware of the challenges and risks that come with running a company. From economic fluctuations to unpredictable market trends, you constantly strive to secure your business's stability and growth. While much attention is often given to managing your own credit score, it is equally crucial to consider the creditworthiness of your suppliers. Delinquent suppliers can pose significant threats to your business, affecting your cash flow, [...]
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As a business owner, you know that managing your finances and mitigating risks is crucial for the success and growth of your company. One aspect that can significantly impact your business's financial health is the creditworthiness of your debtors. Gaining an understanding of your debtors' credit scores can offer valuable insight, enabling you to make informed decisions, safeguard your business from potential losses, and cultivate mutually beneficial relationships. Let's explore why knowing your debtors' credit [...]
