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How to keep employees safe as they return to the workplace

Posted on July 1, 2020 by admin

Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees back into the office after the easing of lockdown restrictions should implement safeguards to ensure their workplace is a safe one.

Conduct a COVID-19 risk assessment

Before opening your office to employees, conduct a COVID-19 risk assessment with Safe Work Australia. A risk assessment will include an evaluation from Safe Work Australia regarding your business’:

The progression of additional business activities will also be assessed. For example, the safety of business trips when travel restrictions are lifted.

Implement cleaning processes

Invest in frequent cleaning services and processes to lower transmission risk and give your employees peace of mind. In addition to hiring a cleaning service, you can also keep your workplace safe by providing employees with disinfectant solutions for door handles, light switches and keyboards.

Other cleaning and hygiene processes to implement include:

Support your employees’ mental health

Supporting your employees’ mental health is just as important as their physical health. To create an environment that your employees feel comfortable and safe to work in, provide aid in the form of workplace flexibility, therapy and counselling services, home-to-business transportation options and financial advice. Additional services such as child-care can also be helpful to supporting your employees’ mental health.

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Getting your money back from late-paying customers

Posted on July 29, 2020 by admin

Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt is left uncollected, your chances of getting your money back become slim. Consider these tips to avoid and manage debt recovery to save your business from major losses.

Reduce credit terms
If late payments and managing bad debt is a regular occurrence, consider reducing your credit terms. You may want to remove your credit terms entirely, but it is important to look at your customer base, the services you offer, and whether there is an average credit term that is expected by your clients. If you offer credit terms shorter than your competitors, you may end up losing valuable customers. However, if your credit terms are too spacious, your cash flow will be slow, putting you at financial risk.

Encourage timely payments
Your business might require a set credit term to meet the industry average. In these situations, consider offering discounts on payments made early or within a set date from invoicing. An alternative is to charge a late fee to encourage your clients to pay on time. In these situations, it is necessary to first make your customers aware of the introduction of this policy clearly through your terms and conditions. To maintain good customer relationships, try to limit overdue fees to repeat offenders. You may want to monitor incoming payments to see if these policy changes are reducing your late payments.

Hire a debt collection agency
Efforts to pursue your late-paying customers may not always be successful. If the debt amount is less than $1000, it may not be financially viable to pursue legal action for violation of your credit terms. In such situations, consider outsourcing your debt collection to professional collectors. However, timely involvement is key to getting your money back. Give your clients sufficient time to make a payment, and if over two times the trading terms have passed, hire a collection agency to prompt your clients into making defaulted payments.

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