Things aren’t looking great for our economy and now’s the time to take control of your debtor management. Brexit is looming amid delays and uncertainty as to how exactly we will leave the European Union, making it difficult for businesses to plan their responses. There are also wobbles in the German economy to take into consideration, as well as stock exchange fluctuations and weak growth in house prices. All in all, it is looking like a difficult time to be in business. At times like this, what matters most is keeping your income healthy by ensuring that you prioritise debt control. Read on to find out how we can help you navigate the storm when uncertain times hit.
Don’t delay
When the economy isn’t great, you have to remember that everyone is suffering, not just your business. This means that you have to be tougher on debtors once they start to miss payments. You can’t afford to wait for their situation to get worse because you risk them not being in a position to pay you back at all. Nightfox Investigations and Debt Recovery can help with debt collection at any point from when the client misses a payment right through to taking court action such as CCJs, and we get to work on your case within 24 hours. We believe that the best course of action is to step in early before the financial situation of your client has a chance to decline.
Be persistent
Debtor management is essential when the economy isn’t in a good place because your business needs to collect every penny it is owed to maintain a strong position. We can help you recover your money through our tenacity. We can visit your debtor and set up repayment plans with them. We can also send emails that don’t get ignored. We believe that debtor days are reduced when your debtors hear from you persistently. They are more likely to pay if constant communication means that you are always on their mind.
Be consistent
When times are tough businesses tend to streamline and prioritise on the day to day operations. This can mean that debt collection falls by the wayside. Recovering your debt is our only business, however. This means that we are consistent in our approach to debtors. We won’t back down and will follow the debt recovery process through until a satisfactory conclusion is reached. Don’t wait until the last minute where the only options are court proceedings or CCJs.
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