Colin Cameron on File Openings & Reducing Bad Debt
Colin makes a number of great points, including:
- giving the Managing Partner the authority to say no when a new client presents a high credit risk;
- implementing a credit limit system that manages client WIP & AR;
- reducing the amount of time firms invest in AR & WIP from 5 to 4 months; and
- the positive impact that can be had on quality of the firm’s clients over time.