Encouraging prompt payment is located at the heart of good cashflow control. Conversely, late payments by your customers can make your business vulnerable as you risk implementing financial difficulties.
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For the priority payment s you owe, looking in your cash position after the payments have been made to you, assess whether you have headroom to create a payment (even if it’s a partial payment)? If you do, process the payment and develop a courtesy call to your supplier inform them it’s on approach.
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