This is a general guide to post-pandemic business management.The changing business environment implies changes in business risk. The post-pandemic era is a time of upheavals. Businesses that were once great could collapse in a matter of months, with new entrants taking place. Players in the B2B spaces must be aware of this. The risk profile of your debtors is changing. Players in the B2C spaces typically don’t worry about debtors that much as most of the goods and services are provided on a cash basis as opposed to credit.Companies that sell goods and services on credit need to reform the way they handle debtors in the post-pandemic period.The following areas are worth focusing on:Automation of the accounts receivable functionsWhen NOT to automateImportance of ChasingDon’t chase those who pay in time, you annoy themBullying from the big clients (big debtors)Sales Commissions \u2014 should always be based on receipt date, not sales dateThe ridiculousness of setting debt collection targets for your Accounts Receivables ClerkWhen you sell goods or services on credit, you are effectively offering a credit facility to the client. You are just like a bank that is giving someone a loan. You might not think of yourself as a lender but you are a lender of money, the difference with a bank is that the money you are lending to the client is being used by the client to buy goods and services from you. There is a risk inherent in that transaction. If the client does not pay, you lose your money.Before you extend a credit facility you assess the risk associated with that client. Your main concern is default risk. Every client has a risk profile. Larger transactions routinely require a credit application so that you can offer terms. Smaller transactions might not require a credit application, but\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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