“New Year, New Me” the mantra we hear a lot in January. As with any life change, it often takes time to make impactful alterations. As a business owner, landlord or creditor, the same applies to chasing debts. A new year doesn’t always mean the turning of a new leaf for debtors. Could debt recovery be the answer for you this year? Why would it be an excellent acquisition for you? AYOM explains.
Debt affects liquidity. It’s a simple, well known fact. To trade effectively you must be able to pay your creditors on time. When your debtors fail to meet deadlines, it can affect yours. For sole traders and SMEs this can become a long term problem.
As evidenced by the Four Seasons Healthcare case, larger firms going into liquidation through insolvency can have a trickledown effect. This means it isn’t always the smaller party to blame. If you need quick, effective action to ensure your liquidity, debt collection is for you.
Sound financial planning underpins many business activities. While you can’t always plan with 100% accuracy, confidence in your forecasting greatly helps. Knowing what is due to come in and out assists decision making. If debtors make that process uncertain, it affects business. It stops you being able to make solid plans for investment; and paying your own debts.
Even if a debtor cannot pay in full, repayment plans help ease your financial planning. This process takes time and mediation skills. Debtors won’t always tell you what they can afford to pay. If you are not skilled in negotiation and debt collection, you can suffer. If you want to plan ahead and have confident forecasting, debt collection can help you.
You are owed money. You have rent to collect. You have an invoice needing payment. You have an unwilling debtor. All jobs which take time. Perhaps you are a sole trader, or an SME. You may even be a large business without a collections department. If this is true, collecting debts could restrict your time. Time is better spent developing your business, not chasing unwilling payment.
What’s more, perhaps your debtor has liquidity problems. They may not be able to pay in full. They could be hiding their ability to pay. The rigmarole of chasing can be infuriating. When this happens, get the experts. Those paid to stop the stalling and find a solution. Employ the expert mediators, the ones with the time to spend on your behalf; instead of you.
If you want to run your business, spend your valuable time on more productive endeavours, outsourcing debt collection... you guessed it... is for you!
Want the best?
Having been awarded ‘Best Debt Collectors’ at the Wealth & Finance International Awards, you can trust Are You Owed Money. We strive to be the very best in UK debt recovery. We also branch out internationally, having access to the latest tracing technology to find any debtor.
If you’d like to discuss options regarding debt recovery including:
- Process serving
- Credit checking
- And more...
Then you can call us on 0800 130 3357. Lines are open weekdays from 9 until 5. You can also get in touch via email at email@example.com.
Get in touch today and start getting back the money owed to you.