Many of our clubs are small businesses so this article should be of interest to all Club treasurers. There are some great tips here…
1. Credit terms
Pay suppliers on time (not early or late) and ask for credit terms once you are up and running – essentially giving your business an interest free loan.
2. Review suppliers regularly
Check to see if you are getting the best deal and ask for discounts for early payment or bulk orders.
3. Late payments
If you need to pay late, communicate with the supplier early and set up an agreed payment plan. Get the plan in writing.
4. Payment terms
Make payment terms clear to new customers before you process their order – and put this in writing.
5. Invoice design
Include all your banking details on your invoices and ensure payment terms are clear.
6. Credit checks
Do a credit check on all new customers.
7. Deposits and progressive payments
For larger jobs ask for deposits upfront and progressive payments at…
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