As businesses open up again and start to generate revenue, they will likely try and use the lockdown as an excuse for not paying their debts. Here is why you should certainly still consider debt collection services to recoup your money.
Some businesses traded better than ever during the lockdown
It has not all been doom and gloom for British businesses. Supermarkets and food shops of all kinds have benefited enormously from the massive switch to home cooking and eating in during the lockdown. Also, associated ingredient and packaging suppliers, manufacturing, haulage, and logistics companies will all have benefitted as they were classified as essential services.
Agile businesses made the switch to online trading
Many other businesses were able to switch to online deliveries, and will now see a surge in sales. UK Retail Gazette predicts that shoppers will be keen to spend the cash they have been hoarding due to lower entertainment and transport costs on non-essential items as the shops open up.
Service companies switched to work from home
Hundreds of businesses, particularly service industries, stayed afloat by switching workers to working from home. In combination with the government support in terms of furloughs, small business grants and holidays from business rates will mean that many will have saved cash. This cash can, and should, now be used for paying off their debts.
More business sectors are due to start up soon
Even the hard-hit leisure and hospitality industries are seeing signs that revenue could start flowing again soon. While the public remains understandably anxious, the queues at beauty spots show how keen people are to get out and about once more. Businesses that can incorporate social distancing into their operations are well placed to start trading as soon as restrictions are lifted. Overseas travel will be hardest hit, and for longest, but industry experts are predicting a significant switch to local holidays. According to Oliver Dowden, the culture secretary, the government is planning a massive financial and practical programme to support this.
So, while the situation is undoubtedly bad for many businesses, do not take their excuses at face value. If you require help with debt collection, then we at Nightfox Investigations and Debt Recovery can assist you. We operate as a business debt collection agency and as a face to face debt collection service using modern technology for fast, effective results.