Prepare for a future recession. 8 strategies to implement now.
Average 6-12 months of operating expenses. Make careful consideration and make sure the money goes to the best place (make money work for your business). Make sure your invoices are always at the top of the pile with your debtors. Become indispensable and communicate often and clearly with debtors. Always pay on time, so [...]
Negotiation is possible!
To govern is to foresee. It's an old saying, but still holds true. Especially in these uncertain times and certainly for the relationship with financiers. In the journey from application, offer and ultimately signing for a financing agreement, there are a lot of things you need to anticipate. And what you can negotiate on.
Prevention is always better than cure
Uncollectible invoices and bad debts, every entrepreneur has or will have to deal with them. Annoying, but not always avoidable. Of course, before you do business with a customer, you check the creditworthiness of a future customer and you have your credit management in order to prevent non-payment. This already captures a lot of risk. But what if a company does not fulfil its payment obligation after all?
How do you make the most of software to maintain cash flow?
Consider before you begin. Before you opt for credit management software, first map out your debtor management procedures. If it appears that optimisations are possible, you will of course implement them first. Only then will you determine which requirements the software should meet. There are many providers; the right choice will make the implementation, set-up and actual management more efficient and effective. This way, you can be sure that you make the best use of the software.
2022: a year of ups-and-downs
Corona turned our lives upside down in 2020. Something happened that we had never experienced before. But we showed that we can adapt quickly. In early 2022, it seemed we were heading in the right direction again. However the war in Ukraine threw us back into a new crisis.
Make the right decisions based on all the data!
Data: every company collects data to analyse and use in decision-making. Before you know it, there are several systems that are not always up to date and do not fit together. There is no overall view and interpreting all the data only becomes more time-consuming. Xolv works with PowerBI. Why?
5 major benefits of factoring
We are often asked what the benefits of factoring are. There are quite a few, but let's list the main ones here:
Cover fraud risk with insurance
Business fraud and scams are on the rise. 51% of companies experienced it last 2 years. 66% indicate that this is more than in previous years. This is according to research by Allianz and Hoffman Bedrijfsrecherche, among Dutch and Belgian companies. Cybercrime is clearly on the rise, but by far the majority of fraud and scams take place in traditional ways. With at number 1: own employees embezzling money or products or submitting false declarations.
What you see is what you get
Jeroen Ottevanger, managing director/partner at Xolv - After my 20-year career at credit insurer Atradius, I decided to start for myself after the last four years as deputy managing director. With nothing, just a desk and a phone, I managed to build a nice portfolio in a year and a half. I had just lost a pitch for working as a one-pounder when Paul and Erik bumped into me at a New Year's reception. To make a long story short, we decided to join forces and I became employee number four at Xolv. That was nine years ago.
Legal maximum payment period to 30 days
The liquidity position of companies is largely determined by the payment period of its debtors. In the Netherlands, the standard payment term in most industries is 30 days. We see that large companies, with a lot of purchasing power, make agreements that go far beyond that. They agree contractually on 60 and in some cases even 90 days. As SMEs, on average, have fewer reserves, this can have quite an impact on their cash position.