Debt Awareness Week Roundup
Last week was Debt Awareness week. Each year, the charity Step Change holds this with the aim of increasing awareness of debt and offer solutions available to help.
As commercial debt recovery experts, Darcey Quigley & Co took this opportunity to educate on how best to manage your business’ debt recovery process. Our main mission is to get your business paid, and we are very passionate about passing on our knowledge to support your business.
Our Top 5 Debt Recovery Tips
Throughout the week, we shared 5 pieces of advice for businesses to help their debt recovery efforts. Here’s a roundup of our tips:
- Don’t delay in following up on overdue invoices. The quicker you act, the higher your chances of recovering debt.
- Checking business’s credit limit helps protect your cash flow and avoid payment issues.
- Ensure your credit terms are clearly defined and supported by a formal contract.
- Maintaining professionalism with debtors helps protect your reputation and ensures smoother resolution.
- Use a third-party debt recovery company for efficient payment collection and maintaining business relationships.
Why These Tips Matter
- Don’t delay in following up on overdue invoices. The quicker you act, the higher your chances of recovering debt:
Don’t delay in following up on overdue invoices, as prompt action increases your chances of recovering commercial debt. The longer you wait, the harder it becomes to collect what you’re owed, and it may even impact your cash flow. By addressing overdue invoices quickly, you demonstrate professionalism and urgency, which often encourages faster payment and helps maintain healthy business relationships.
- Checking business’s credit limit helps protect your cash flow and avoid payment issues:
By understanding the creditworthiness of your customers, you can set appropriate limits that reduce the risk of late payments or defaults. Regularly reviewing credit limits helps ensure you’re not extending too much credit to high-risk clients, safeguarding your business from financial strain while maintaining smoother transactions.
- Ensure your credit terms are clearly defined and supported by a formal contract:
A well-documented agreement outlines payment expectations, deadlines, and any penalties for late payments, reducing the potential for misunderstandings or disputes. This transparency helps build trust, ensures both parties are on the same page, and provides legal protection if any issues arise.
- Maintaining professionalism with debtors helps protect your reputation and ensures smoother resolution:
By approaching the situation with respect and courtesy, you foster a positive atmosphere that encourages cooperation, making it more likely that the debtor will work with you to settle the balance. Professionalism also helps preserve long-term relationships, ensuring future business opportunities are not jeopardized by a difficult collections process.
- Use a third-party debt recovery company for efficient payment collection and maintaining business relationships:
When you have exhausted all in-house options, it is time to enlist the help of a third-party debt collection business like Darcey Quigley & Co. Our credit control experts tailor their process depending on the approach you’d like them to take, and you can rest assured that your unpaid invoices are taken care of. Our main goal is to get businesses paid, and we work tirelessly to ensure a positive outcome.
How We Can Help
Late payments are rife, and we understand the strain that this can put on your business’ cash flow, as well as your personal stress. That’s why we are here to help take away that stress, get you paid and increase cash flow.
If you are struggling with unpaid invoices, contact one of our team today or alternatively visit our website to find out more about our services.
Lynne is the Founder and CEO of Darcey Quigley & Co.
She is passionate and determined to help businesses get overdue invoices paid quickly.
Having worked within the credit management industry for over 27 years and ran UK leading commercial debt recovery specialists Darcey Quigley & Co for over 17 years, Lynne has helped businesses recover commercial debts from every continent across the globe.
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