So, you’re in a business and having cash flow problems. You’re working really hard, but your clients just won’t pay and it’s not your fault.
What do you do?
You have had conversations with your clients, sent them letters and still the money is just not coming in. When internal debt recovery efforts fail, you need to up the ante!
We have seen too many businesses collapse as a result of poor cash flow which could have been avoided by implementing debt recovery measures at an earlier time.
It is too easy to forget, or falls in the too hard basket, to follow up on those ‘lost’ customers who you have not heard from since you completed their work. However, it is time to make those debtors a priority and stop putting them on the back burner, because before you know it your business could go down the gurgler.
If your internal debt recovery process is not working effectively and you need some fresh ideas on how to approach the process, our team can assist you with revamping your process to make sure that the best systems are in place for your particular type business.
Remember, do not leave things too long as there are time limits involved with debt recovery. Your debtor may go out of business or they may even disappear off the face of the earth. The quicker you deal with your cash flow problems the sooner you can get your business back on track and eliminate those problems
For further information contact the Commerical Litigation Team.