|“Towards Better Debt Recovery”
(Article from Champion Accountants Summer 2005 Newsletter)
Simon Blackburn considers the Debt Recovery headache facing business owners, and some interesting opportunities to improve collection
Late payment by customers is the scourge of the SME. A recent survey (BoS, 02.04) suggested that 68% of UK SME’s regularly suffer cashflow problems as a result.
For a business looking to protect itself in this regard, it is clear that legislation is toothless, and remedies must be found elsewhere.
Since the turn of the year Champion have been hosting a series of “Debt Recovery” client workshops, featuring specially invited guests and experts from relevant professions, to explore new ways for an SME to obtain better cashflow.
There are two main thrusts to our advice here. First, the law. You do have legal rights. And knowing, what, where, when, and how to exercise them is vital yet frequently overlooked. Secondly, improving your own systems for credit control. One very interesting approach here is via a web-based learning programme, to which your existing staff can plug in quickly and neatly, and which guides them through the development of better skills and techniques for credit control.
One thing we have found is that there are very few businesses which couldn’t benefit from improved credit control performance. If you would like to explore how Champion can assist you in this vital area please get in touch.
For more information on Champion Accountancy Solutions please contact email@example.com