7 Tips for Effective Credit Control in Small Business

Many small businesses overlook the importance of credit control. They assume that because the orders and sales are rolling in thick and fast, everything is great. What they fail to realize is that if a few customers don’t pay, their cash flow will dry up.

You need to be proactive about collecting payments from your customers. It’s not enough to send out an invoice and forget about it. There will always be some customers who wait as long as possible before making payment. The problem is that if you don’t have enough money flowing into the business, it affects your ability to pay your own suppliers. Some might be understanding, but others, in particular the IRS, definitely won’t take kindly to being made to wait for payment.



The best way to manage your cash flow is to be on the ball with your credit control. The onus is on you to set up an effective credit control system. Accounts receivable financing will free up cash flow, but this doesn’t solve the underlying problem. Effective credit control should be implemented from the outset, so you start on the right foot. Here are some tips to get you started.

4 Tips to Make Your Home Craft Business a Great Success

There are a lot of interesting crafts that can be turned into a home business. You can start with an idea you actually love and develop unique, beautiful products that customers are willing to buy. There have been plenty of successful businesses built around home crafts and creative art too.

Turning a hobby and a craft into a business is actually easier than you think. In this article, we are going to take a closer look at how you can take the crafts and creative projects you love so much, make them into a business, and then take that business to success. Let’s get started, shall we?

1. Find a Business Idea That Works

One of the first things you need to do before you can start turning your ideas into a working business is choose the one idea that will work well on the market. Now is the perfect time to start a business, because the market itself is growing and the demand for various crafts, products and services is increasing by the day. All you have to do is find a demand or a market segment to focus on and you are all set.

Let’s say you’re good at designing jewelry; you can start a jewelry business and take advantage of materials such as beads, stones and even precious metals to develop a series of products that customers will love. To find a business idea that works, you also need to spend some time exploring the market and learning from your future competitors.

Your Guide to Success in Small Business after Losing Job

It can be quite daunting when you first leave the world of work behind to set up on your own, and even more intimidating if this is your first time dipping your toe into running a business. Not everyone’s cut out to make millions. In fact lots of new businesses, and start-ups fold within five years. Still, there are a few key things you can do to give yourself the very best chance at success before the ink on your company logo’s even dry.

Time Is Precious

The first thing you’ll need to do is get yourself a work phone and a totally separate number. The second thing is to remind yourself that no one, not even the President of the United States of America, works 24/7 and your mental, physical, and emotional well-being will suffer if you attempt it. That’s not to say there aren’t going to be some difficult months, long nights and countless meetings ahead but it’s also important that you don’t neglect family and that you give yourself a schedule. You wouldn’t expect to phone clients at 10 pm and have them answer, so why should you? Remind them that you’re available only in standard office hours and firmly turn your business phone off in the evenings.