‘How long can you chase a debt for?’ ‘What are the time limitations on recovering money?’ ‘Have I left it too long to try and get the debt paid?’ These are all common questions asked by people who get in touch with us at Daniels Silverman. In this blog we hope to give you some […]
Every company, regardless of size or experience, will have to deal with bad debts at some point in their history. Debt management and debt collection are crucial to the successful running of a company and systems need to be in place to ensure that all is done to recover debts, especially before the end of […]
Building a strong workforce and ensuring continuity in your service or product is key for any business and one of the best ways to guarantee that service doesn’t suffer is to use a reliable temp agency. 20% of companies now report that they are using temp agencies; their expertise and experience allows them to spot quality candidates and weed out the unreliable to provide you with the flexibility that is necessary in order to run your business effectively. The agency will do the work of screening the candidates and ensuring only those who can fulfil the role are sent.
Huge companies collapsing can send shock waves and ripples through the business community that reach far and wide, from large corporations through to medium and smaller sized businesses. There are steps you can take to mitigate your risk by having robust systems in place. Partnering with an established and experienced collection agency is one way to do this
Many sole traders and small businesses are unwilling to chase bad debt.
Research has shown that many of these are hesitant about doing so because of how awkward or uncomfortable it makes them feel. Others do not pursue what they are owed for fear of antagonising or alienating a customer who they want to keep. Even if these businesses have started trying to recover the money 3 in 10 will simply give up before they have their money.
Chasing overdue payments from clients can be a time-consuming and frustrating process, and there are a number of different circumstances where using a professional would be the best option for your business. But how do you know when it’s the right time to ask someone to take over this role for you?
At Daniels Silverman we have identified 5 circumstances when using a debt collection agency would benefit your business.
This is something that has been particularly true in the debt collection industry. The common misconception is that these agencies operate outside the law and use intimidation and threats to get your money back. This is simply not true of any reputable and regulated agency.
In a busy and fast-paced environment these companies may struggle to find the time, or have the necessary skills required to recover any monies owed from unpaid invoices. As with many companies maintaining good customer relationships is key to retaining clients and securing repeat work and this can put businesses in a difficult position. How do you get the money you are owed, for the work you have done and keep a healthy relationship with your client base?
How many business owners use this time to make business resolutions? The Christmas break has allowed a little time for reflection and a lot of business owners will be heading back to work with renewed determination to focus more on growing their business, rather than working in their businesses this year, but how many will make specific resolutions?