5 indispensable tips for surviving the second corona wave as an entrepreneur
The financial health of our Belgian companies is at stake. Despite the support measures, many invoices remain unpaid. Businesses are facing declining revenues, while spending remains largely stable. As an entrepreneur, how do you survive this second corona wave? We have already listed five tips.
1. Every unpaid invoice counts
Unpaid bills can cause a snowball effect. Companies with too many outstanding invoices threaten to no longer be able to pay their own suppliers.
To avoid this situation, it is important that you make efforts to collect all unpaid invoices, regardless of the size of the invoice amount. So, don’t just focus on the largest unpaid invoices. Even small invoices make a big difference, when added up! Moreover, do not lose sight of your invoices. Ensure timely follow-up after the payment term has expired.
2. Have an honest conversation
A tight follow-up of unpaid invoices does not mean that the debt collection has to be hard. Today, the focus is more than ever on a social and economically responsible way of collecting. Because a single bankruptcy can create a domino effect and also cause financial problems for other companies.
Always start with a willingness to listen and an understanding attitude. These are the building blocks for an open and honest conversation. Based on this, you can find a realistic solution in consultation with your customer: a full payment, a payment plan or a temporary payment postponement.
Open and personalized communication is extremely important and can ensure that you are the first to be paid by your customer. The chance that this customer relationship will be maintained after the corona crisis also increases this way.
3. Avoid headaches. Choose outsourcing
As an entrepreneur, you may lose a lot of time on simple tasks that take too long. Or you worry about very complex tasks that actually require an administrative or accounting specialist. Can you still focus on your core business? This is not always easy. Well-considered outsourcing can offer you a solution. This way you save time and paperwork. Find out which tasks are better to outsource.
4. Go Solid, the solution free of charge for B2B invoices
Go Solid is your ideal partner for all your undisputed B2B invoices. When you submit a file, you will know within 4 hours whether your invoices can be collected. Fast, efficient and already proven! No less than 76% of the files are successfully completes within 8 weeks.
The services of Go Solid are also free of charge. With us you do not pay an advance or deposit. So, the cost does not have to deter you. Can your customer not pay? When your file is accepted by Go Solid, you are automatically insured against any legal costs.
5. Your customer can't pay? You still have options!
If your customer cannot pay, you can receive a certificate of bad debt. This is an official document that shows that your customer is in a very bad financial situation, so that he cannot pay off his debts. With this certificate, you can record the uncollected invoice in your accounting and recover the VAT portion of the invoice. This way you can avoid unnecessary, costly and lengthy legal proceedings without result.
Need help with your unpaid bills during this second corona wave? Contact us via b2b@go-solid.be or the toll-free number 0800 237 39. We will help you further with professional advice.