Shark Patrol was a powerful online information-sharing network that helped businesses avoid bad debt. Members were able to use the power of the Shark Patrol Network to Check out new customers, monitor existing ones and report bad ones by loading default notices.
Shark Patrol may have closed for business but we are still here to help:
Are you ready to get serious about credit control?
There are Four key components to avoiding bad debt and increasing cash flow. However, above all it’s always a good idea to show your customers exactly where you stand on credit control right from the start. This starts by getting them to sign a contract and your terms of trade…
Terms of Trade
First up, If you don’t have a purpose written “Terms of Trade” you shouldn’t be in business. We are serious about this, and so should you be.
A purpose written Terms of Trade should protect your rights, limit your liabilities and provide security in the transaction. Click here for more on purpose written terms of trade
Your purpose written Terms of Trade will then support you with the following golden rules of business.
Spot the Sharks before they become customers
You’ve landed a new customer. That’s great. But, before you get too excited, how much do you really know about them? Are they a customer worth having? Let’s face it if they take 90 days to pay an invoice or are on the verge of insolvency, they could actually do you more harm than good.
Rule number one: Check each and every new customer BEFORE you exchange goods or services on credit. Click here for tips on how to spot a Shark …
Take action before you lose money to bad debt
How is that customer going? You know; the one that owes you a lot of money!
What would happen if they didn’t pay you? How would that affect your business?
Rule number two: Monitor all your customers continually. Click here to learn ways to monitor your existing customers
Resolve bad debt before they harm your business
Some customers treat their suppliers like a bank — one that hands out interest-free loans! We’re guessing that if you wanted to be a banker you would be. The fact is, bad debt can seriously harm your business and the longer you leave debt outstanding, the harder it is to eventually collect.
Rule number three: Act quickly. Click here to learn how to persuade your customers to pay on time