A small established manufacturing business with two locations; in the Industrial area of Canberra and the other located in Wagga NSW called me recently with cash flow concerns. They had a number of small to medium debts that had been outstanding for over 6 months. They were following up these debtors by sending statements and letters regularly, but all attempts requesting payment had failed. This was causing serious and unwanted cash flow problems and their financial position was becoming serious.
I attended their Canberra based premises in late 2015 and went through the benefits of using EC Credit Control's Debt Recovery process, explaining how efficient and streamlined the process is. The owner spoke to his partner who runs their Wagga operation and they both agreed to give EC Credit Control the opportunity to try and collect their debts. By loading the debts to be collected via our website, were able to commence the debt recovery process quickly and efficiently which can be vital to a successful collection.
Within a week of commencing the debt recovery process we were getting results. With payments for the debts that were owed to the business from almost 12 months ago.
The debt collection process has now proven to be effective for yet another of my Canberra based clients. Subsequently we are looking to protect their cash flow even further in the future by implementing up to date Terms and Conditions of Trade, allowing them to keep their clients bound to a watertight contract moving forward which gives them significant leverage the next time they get a debtor who tries to dig their heels in.
Please contact me for a no cost, no obligation and confidential discussion.