With the current financial climate in regional South Australia as is, it is important for small business owners to ensure they have a sufficient debt recovery procedure in place to ensure positive cash flow and business growth.
As we know with any task, the longer it is left in the ‘too hard’ pile the more of a task it becomes to complete. Debt recovery is no different with the chances of success in recovering the monies owed to you decreasing drastically the longer the monies remain unpaid.
To ensure you have the most effective and timely debt recovery procedure we suggest you consider the following useful tips to assist you in recovering any monies you are owed:
- Where practical ensure you have a signed quote or agreement with the purchaser so the terms are agreed and acknowledged from the start. This will be important should the matter remain unresolved between the parties and when legal action is required.
- Communication is key, from a friendly reminder call to a letter enclosing an overdue account – it is important to retain positive communication with the debtor to ensure a positive result.
- Provide options for payment – as gone are the days of only accepting cash payments. With the majority of households now utilising internet banking, a pre-arranged payment plan via internet banking is a great way to ensure you get paid.
- Keep on top of your outstanding debt. If your account remains unpaid and unresolved after a month or two it may be time to consult a solicitor or debt recovery agent to take legal action.
If after following these steps you remain unpaid and you feel you are investing too much time in attempting to recover your debt without any results, why not contact our office to see how we can help you. With set fees and positive results no debt is too big or small should you wish to seek our assistance.