St Mirren Celebrate Top 6 Spot

St Mirren Football Club have earned their place in the top 6 of the SPFL for the first time in the current league format - the highest position they’ve achieved since the 1984/85 season. Fans are absolutely over the moon to see the Buddies doing so well, and many will be in attendance at their upcoming game with Hibs at Easter Road next Saturday (6th May) to cheer them on.

Many younger supporters will not have been around to see it back in the 80s, so the next few weeks will be a special time for them as the season comes to a close. The club have racked up 12 wins so far -- and still have four games left up for grabs!

The Saints are a family club; a local club, who get involved with their community. They’re supported and sponsored by the businesses in their local area, and were even named according to the wishes of an early investor -- who wanted the club to have a real connection to the town in which they were founded, even in name.

Even now, St Mirren F.C. remember their roots with the local organisations. Within their SMiSA Stadium on a regular basis, they hold ‘St Mirren Business Club’, a place for meeting, networking, learning and building relationships between the businesses in their town and wider community.

We would also like to take this opportunity to extend our gratitude to Campbell Kennedy for all he does for the club and the local community, not to mention all the support he provides to the St Mirren Business Club. The Business Club is not about Campbell selling St Mirren stuff, he genuinely cares about introducing the right people to build strategic partnerships and strong networks.

XFS Limited are delighted to be a part of St Mirren Business Club. We’ve met many lovely people, shared knowledge and stories, lunches and afternoons in addition to the monthly sessions at the SMiSA Stadium and we encourage other businesses in the local area to join us.

Overcoming Stagnant Finances

Good Financial Practices:

In today's business environment, managing your Sales Ledger effectively is critical to ensure healthy Cash Flow, and maintain financial stability. However, with so many moving parts to keep track of, it can be a daunting task for any organization.

Good, sound payment practices are essential for any business looking to achieve long-term success. Proper financial management involves more than just keeping track of income and expenses; but also requires careful planning and strategy to optimize Cash Flow, effectively manage debt, and identify opportunities for growth.

By implementing sound policies and processes, you can make more informed decisions, reduce risk of errors, and establish strong foundations for future growth and scale. It also helps build trust with customers and clients; strengthening the company's reputation, and paving the way for long-term business relationships.

Consequences:

In contrast, poor financial practices can lead to financial instability, missed opportunities, and even legal or regulatory issues. Negligent practices and other forms of financial mismanagement can quickly land businesses in hot water.

Late or missed payments which go unaddressed, and progressively reach a boiling point can damage relationships with clients, partners, or customers, which could ultimately harm the business's reputation -- regardless of the validity of the dispute.

However, this is the least of your worries; excessive volumes of indebted clients or customers, and a lack of liquid cash can lead to missed opportunities, an inability to invest in growth, and even bankruptcy.

Seeking Professionals:

While implementing good financial practices gives you the best chance, there are times when businesses may need to seek the advice and services of financial experts in the end.

For example, when facing complex issues such as payment disputes, severe bottlenecks in liquidity, or compliance challenges, it will be beneficial to consult with professionals who specialise in their field.

Experience of these situations is difficult to acquire through ‘the school of hard knocks’, and taking them on alone without being properly informed can do even more damage in the long run. It’s important to make judgement calls regarding whether things are getting out of hand, and act quickly when needs are identified.

XFS Limited | The Cash Flow Xperts:

We are one such firm that can take on everything we've described in this article. Sales Ledger Management services are offered as an on-going partnership, or a 'one-and-done', in which we assume full or partial control and hand it back. This can also be treated as an add-on, sundry service to our Debt Recovery services, if desired. XFS Limited have a Senior Management Team with over 40 years of experience individually. They have resolved and managed a range of different issues with their unmatched expertise, and share true conviction that they can bring new life to a struggling business.

Don't hesitate to contact us for a quick rundown of what we can offer you -- we do not charge for an initial short assessment of your situation.

Follow us: 🔔 @xfslimited 🔔 on all platforms to keep up with our regular news & expertise, as well as informative posts about the services we provide.

☎️ 0141 483 3345

🌐 www.xfslimited.co.uk

📧 info@xcelfinancialsolutions.co.uk

🔔 @xfslimited

Bad Apples, Bad Pie.

An outline of self-reflection, for businesses who are suffering from slow Cash Flow. Preventative actions each business can take, to keep themselves right.

What we’ll talk about today, is how to get a Sales Ledger ready to collect late-payments, as well as some real world actions to prevent them. This concerns the stage before late payments fall into arrears (debt).

Good Payment Practices

What does this mean exactly? Let us provide you some examples of such:

• Set clear payment terms, and effectively communicate them to customers or clients. Consider including a short statement within your invoices, a small reminder of the time period in which you expect the invoice to be paid.

• Offer multiple ways for your customers or clients to pay. This mainly regards frequency, when applicable. If you are a regular provider of goods, for example, provide some options (weekly, bi-weekly, monthly, etc.).*

*Ensure, however, that incoming transactions all find their way on to one comprehensive Sales Ledger document in the end.

Doing things this way also contributes to your own effective invoice management from within. When you declare an agreed-upon deadline from the date of invoice, and integrate this into your business’ policies, it decreases the chance of a false payment-dispute.

It just keeps all parties on the same page.

Unfortunate as it is, we must point out that if you frequently encounter false payment-disputes, it may be time to reflect on your internal financial policies and processes.

XFS Limited can mediate for you in the case of a payment dispute (false or otherwise). We assume the role of neutral third party, working to achieve the correct, but also hopefully amicable and positive result in the end.

Efficient Sales Ledger Mgt.

• Up-to-date, accurate information regarding contact details, accounting information, as well as payment records (both incoming, and outgoing).

• Invoice management software can give you the tools to keep all these records, however they are only helpful if you use them effectively;

If you make a pie using bad apples, you’ll end up with a bad apple pie.

This is a popular concept right now. It regards the importance of inputting quality data into software systems. Regardless of what kind of tool you are using, it is not a magic wand.

It is critical to have good oversight of payments, especially if payments all come in different methods and frequencies, instalments and such. For these kinds of situations, it can be complex to put a firm process in place around how you use the software. For this specific kind of scenario, we recommend seeking external help as the most cost effective, and painless solution. If you find yourself in a muddle, there is nothing at all wrong with looking for a professional service to help you out of it. This will always be a better option than letting problems fester.

Late-payment Planning

• How does the business handle late payments; follow up communications? What happens when the customer/client has been contacted two or three times without response?

• How long do you usually wait before taking action in such a scenario? Do you ever take action? Be sure to send one, or two follow up emails when you encounter a late payment.

• There are many ways to address these issues. It depends on the scale of your business, the regularity of late payments, how your Ledger is currently managed, and many other factors. This is how we assess your situation, and build a strategy for your specific business.

It is not something that anyone wants, yet you still must plan for it proactively. Those who are worried that they cannot pay should have a clear path to communication with a party who can potentially authorise a change in payment terms.

Small steps such as this can build strong relationships with your valuable customers, or clients. The root of the word “confidence”, is confide. XFS Limited provides everything we've covered today as a service; XFS Flow. If you lack the resources to ensure these kinds of things are being done regularly, then our services are perfect for you. We can do all of this on your behalf, plus more. Have a look at our website to find out more about everything we offer. We also provide Debt Recovery, as well as general outsourced communication; such as call handling, communications and complaints management.

Follow us: 🔔 @xfslimited 🔔 on all platforms to keep up with our regular news & expertise, as well as informative posts about the services we provide.

☎️ 0141 483 3345

🌐 www.xfslimited.co.uk

📧 info@xcelfinancialsolutions.co.uk

🔔 @xfslimited