Every year, startups and small businesses in the United Kingdom face the risk of failure due to cash flow challenges. Among the leading causes of these issues are slow-paying customers and bad debt. To safeguard your business’s growth prospects, it is imperative to establish an effective credit control process.
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For small and early-stage companies, managing cash flow is among the most critical factors in survival and success. Even thriving businesses can stall from periodic cash flow challenges. When revenues do not adequately cover outgoing costs, companies face impossible choices between paying employees, suppliers, or keeping the lights on.
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