Customers May Not Appreciate a Letter From a Complete Stranger Asking for Prompt Payment of a Debt

Summary

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AS many successful owner-managers would agree,cashflow is king when it comes to developing a successful business. It should be of little surprise that lack of financial understanding of this important issue is often cited as one of the key reasons for businesses going to the wall in the early years of their existence.

Therefore,for many entrepreneurs, managing cash becomes one of the key factors in managing their venture.However, given that late payment is still a major problem for small firms (despitegovernment legislation to address this issue),at such a vulnerable stage in their existence they will, without access to finance,find survival difficult and development almost impossible.

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Customers May Not Appreciate a Letter From a Complete Stranger Asking for Prompt Payment of a Debt

In order to address this problem, a form of finance known as factoring is developing as a key method of financial management for small firms wi...

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