Business Debt Recovery

Business Debt Recovery

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https://www.talbotslaw.co.uk/ - Cash flow is a problem for many businesses, here's how to ensure your business doesn't suffer, and what services are available should you have customers who won't pay up.

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Published 25 January 2018
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Language English
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business debt recovery
How to ensure good cash flow and get paid on time
Introduction
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Thank you for taking the time to read our guide ondebt recovery, cash flow and the services we provide. We are sure you'll find it informative and interesting and, hopefully, will help your business prosper.
Threecommoncashowmistakes
Unfortunately,manybusinesseswillsuffercashowproblemsatsometimeandit
cause a lot of stress for business owners. However, if you understand the issues
before they become problems, it's possible to ensure your cash flow is always
positive and your business can continue to grow.
1) Don't overspend
It can be tempting to spend money before you have it, sometimes in the belief that
you should always buy the best, and often buying things that your business doesn't
really need.
However, keeping a reign on your spending can be one of the most cost effective
methods of ensuring cash flow remains in good order.
Take time to investigate everything about the product or service you are going to
spend money on, and ensure it is an investment rather than a cost.
It's sometimes worth checking back on the things you have bought in the past to
see if they've really brought a benefit to your business. If they haven't, learn from
that mistake and be more careful in the future.
Once the cash is spent, it's very rare you can get it back, so always plan ahead.
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2) Don't purchase too much stock
It can be tempting to buy too much stock based on past experience or maybe even
just a hunch.
Don't.
Every stock purchase should be made based on good market intelligence and,
preferably, information from an up-to-date stock management system.
Always monitor your current stocks and look at historical records to see how
they've been used.
If you can, look at "just-in-time" methods of stocking where you can call on your
suppliers as and when you need a product.
3) Keep on top of your debtors
When people don't pay on time it can really upset your cash flow.
Always negotiate terms with your clients that won't leave you out of pocket for too
long, and make sure they keep to them.
If you have to wait months for payment, then it could mean that the company you're dealing with is in trouble itself, or they just have policies against paying on time.
If the latter, you need to ask yourself if you're happy with that.
If not, then are they the type customer you want?
If customers aren't paying, then it might be time to involve a debt collection agency
that can help you get your money on time.
Debt recovery services
A good cash flow system is essential for the success of any business. That’s why we
think you deserve to get paid on time, and not have to make a great effort chasing
payment from a customer.
With a proven track record for recovering the debts of our clients in a timelymanner, you can put your trust in the team of debt law solicitors at Talbots Law toassist you with the collection of your payments.
Running your business successfully means receiving payments on time. At TalbotsLaw, our debt recovery solicitors know when and how to put pressure on yourcustomers to pay their bill without alienating them from your company.
Talbots Law debt recovery solicitors offer competitive fixed fees for sending initialletters before action and issuing court proceedings.
We can issue your letter on the same day if you send us the instructions before 12noon.
At Talbots Law we don't always follow a standard debt recovery process, but willadvise you as to the appropriate method.
Why choose Talbots debt recovery solicitors?
Though we may be qualified as debt recovery lawyers, we’re business people first.With experience spanning across a range of industries, we know that if one thingcan interrupt the core progression of a business, it’s unreliable customers who don’tpay on time.
That’s why we’ll always do everything in our power to ensure our clients receive
their well-deserved payment: pursuing the debt tactfully, but firmly.
We do this because we believe that if there’s a way we can reduce stress in your
working day, we should find it every time. Once we have recovered the debt for
you; your dedicated solicitor will always be a phone call away if you need advice on
how to set up a clear system that your clients commit to when paying you.
Debt recovery FAQ
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The first step is to write a formal letter to the debtor requesting payment by a
certain date, stating that if the payment is not made by this date, you will take legal
action. We’ll take care of the letter, sending it directly from Talbots Law to
reinforcethe urgency to your customer.
It’s also a good idea to have evidence of their original agreement of payment - this
could be a signed contract, or even a purchase order. If you can also provide
evidence of the terms and conditions that they agreed to before entering into the
agreement, even better. We also recommend that you find proof of the completed
service or product that they received.
If we can assist in recovering debt from your customer outside of court, we will.
Our team of debt recovery solicitors have a diplomatic but direct approach,
allowing you and your customer to discuss the situation openly while encouraging
the debtor to make the payment. We try to keep things simple - after all, we know
you don’t want to be involved in a long-running legal battle. Through firm
negotiation, our debt law solicitors succeed in collecting late payments for our
clients, giving them one less thing to worry about.
What if my debtor refuses to pay?
If you debtor refuses to pay their bill due to a disagreement about the quality of
service or product you provided, our debt recovery solicitors will encourage direct
contact with the customer and actively offer suggestions that satisfy you as well as
them, working together to find compromise.
If the debtor fails to cooperate and still refuses to pay, this will at least aid in
strengthening your position if the case goes to court.
If your customer refuses to pay because they claim they cannot afford to,
we’lladvise you based on the sum owed what we see as the best way to proceed.
Compromise could still be found, or a system of repayment agreed on.
If you’re spending too long chasing debts from your customer or you’re involved in
a dispute regarding their unpaid bills, get in touch with one of the debt recovery
solicitors at Talbots Law today on 0800 118 1500.
Contact us here:https:
/www.talbotslaw.co.uk/
FInd out more
Contact Talbots today and speak with a friendly advisor on the best way to solve your debt recovery issues.
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