Sad but true: These days, many companies are cutting headcount, some of which may be your contacts at your customers’ or suppliers’.
The last thing you want to do is find that out when you have an important issue A/P or A/R needs resolved.
One small step now can make sure you’re on top of any personnel changes at your company’s partners than can impact your cash flow.
In your next check run and your next billing cycle, think about including a simple postcard asking companies to update their contact info: names, phone extensions, e-mail addresses. You might even ask how that individual prefers to be contacted.
If everything comes back the same, great. You’re done.
If there’s a change you’ll be able to note it in your file and your system before the year-end crunch sets in. (By sending out requests now, you’re more likely to get a response than if you do it in a month when they’re swamped, too.)
You might even encourage your staffers to reach out and introduce themselves to any new contacts.
Having that familiarity may just help you down the road when a payment’s past due – for you or a customer.