The UK’s political and economic climate continues to be one of the toughest in recent history. With the UK’s economic growth running at the lowest in 9 years.
As we know several big brands have been forced to close, with a steady stream of others following month after month. The ‘ripple effect of debt’ on smaller businesses is significant and felt across industries.
November is a month of reflection and looking back so it felt right to give thought to 16k+ companies who went into insolvency during 2019. What can we learn to limit further losses ?
Recent research from Hitachi Capital Business Finance (HCBF) shows that late payments are affecting small business of all sizes across all industries:-
– 75% of small businesses (10-49 employees) are dealing with late payment issues.
– Whereas 50% of sole traders are force to deal with debtor issues.
It is a fact that late payments are notoriously hindering the ability of businesses to progress – not to mention the precious time wasted chasing overdue payments.
Imagine This Scenario.
You won the order, provided a great service or product and sent your invoice as agreed but when it’s time for them to pay you, they appear to have fallen off the face of the earth. Your calls are never returned, your emails ignored. You have concerns and maybe even heard a whisper that the business is ‘struggling’ . You fear the worst for your business, but what can you do?
- Have you already spent too much time on this one client and have other priorities to focus on. After all, investing your time in an invoice already raised is not going to increase the value of the invoice. Maybe now is the time to hand the debt over to a recovery agency like us to collect?
- If you’re determined to press on yourself, then we’re still there to advise and guide you as to the best way forward. Why not benefit from our resource and techniques to aid in your recovery and diligence. You will soon be able to tell whether you’re going to be paid, or whether your debt may be lost.
Useful Resources & Links We Advise.
- Companies House – Search for information about the company & people.
- Credit Reference Agencies – See what the financial status of the company is.
- Websites & Social Media – Check the client’s own sites, look at reviews etc.
If you have any questions or would like further information on our advice above or indeed simply want to discuss what can be done, please get in touch : Contact Details
Your benefits from outsourcing to Corp & Comm are :
- Unlock Cash
Pass aged debts and late payments to us and improve your precious cash flow.
- Reduce Costs
Save the time your business spends chasing payment? What does that time translate to in cost, opportunity cost, bank charges etc?
Outsourcing debt recovery or credit control to experts means you will have improved cashflow that can pay creditors or make investments to allow your business to thrive.
Simply gives us a call 01535 654 594 or fill in our Contact Form and one of our advisors will be in touch soon to discuss your requirements with you.