Debt recovery can be one of the most important components of any business. Let’s face it, if you aren’t getting paid then why are you working? Taking home a profit is not the only concern. All businesses have expenses which need to be paid and without your customers paying their invoices you may yourself become a bad debtor.
One of the most important points to note when talking about debts is how much they are really worth to you and your business. If you have a 10% profit margin and you decide to write off a $500 debt you have just written off $5,000 worth of sales.
If you have a bad debt then you need to resolve how far you are willing to go to recover that debt. Most debts will be paid, but the deciding factor is how much effort you are willing to invest in the recovery of that debt.
The longer you wait to attempt to recover a debt the lesser your chances of succeeding. You need to keep the customer close and speak to them regularly about the debt. Don’t leave it to a debt collection person to give them a call once a month or to send a reminder letter.
Phoenix Global assists clients to recover their debts through its unique Credit Control Procedures and Debtor Risk Management. Our Advisory services in this area are comprehensive and educate business with policy in the following essential areas;
Our Risk Advisory Service in this area provides clear direction to clients so they avoid the pain of continually chasing their money and get on with the business of doing business.
We have over 30 years experience. Call us now on Ph. 1300 550 475 to discuss your problem.