An alternative way to increase cash flow
Whilst many of us are acutely aware of the threat to health that Covid-19 (Coronavirus) has brought in 2020, many of us are also aware of the threat it has brought to our companies and small businesses.
The business landscape of today amid the Coronavirus havoc shows a picture of uncertainty, due to reduced consumer/client engagement which has resulted in reduced profit margins and cash flow, with many companies simply unable to stay afloat.
It seems that with the instability in gaining revenue that companies are currently facing, they may have to look internally to increase cash flow. This could involve an assessment of their debt recovery procedures and whether they have outstanding debts owing.
Internal debt management
Businesses should of course look to manage overdue payments internally and can do this by keeping communication clear and on a regular basis with their clients. This will ensure a full understanding of any contracts entered into and payments to be made and can help to reduce disputes.
Businesses must also have a recovery procedure in place that is consistent and adhered to, but that is also flexible in any potential recovery arrangements that may be put in place. When an invoice is unpaid, act quickly and be willing to think alternatively to come to an agreement with your debtor to avoid the risk of lengthy litigation to recover what is owed to you.
When debts remain unpaid
Maximizing debt collection should be a priority for businesses; to recover owed debts would increase available means to your business and would make for a happier and healthier balance sheet.
The recovery of money owed can be a sensitive area and it is important that the process is managed promptly and with skill, especially during the current Pandemic. Cohen Cramer can provide a fast and cost-effective debt collection service to your business.
Do not let Coronavirus put your business off taking debt recovery further. Cohen Cramer is experienced in establishing which debtors are in difficulty and truly unable to make payment and ones may be simply looking to avoid making payment.
For your free and confidential initial discussion to see how we can help your business run in an effective, efficient, and economical way, please get in touch with us on the following details.
We can help
To speak to a member of our Disputes Team please call either 0113 224 7808 or contact us at email@example.com.
Jess Leadbetter November 2021