Are you proactive in following-up on slow paying customers?
Being consistent when chasing debtors will help you to recover debts while maintaining good customer relationships. You should be contacting customers quickly about overdue invoices. If you offer payment terms of 30 days, begin following up as soon as payments are overdue.
According to www.business.govt.nz approximately one in ten small businesses fail in their first year, and 70% within the first five years. The main reason a business fails is due to poor management (lack of cashflow, no business plan, poor marketing, poor record keeping, lack of financial control etc).