During these uncertain times every business must strike a balance between chasing overdue invoices and providing some leniency with customers.
Over the next few months, a lot of businesses will face many new challenges, and cash flow problems will play a major role. It is therefore vital that businesses balance the uncertainty with a way to maintain relationships but also at the same time maximising cash collections.
We would therefore urge you to:
- pay close attention to your debtors’ ledger;
- be proactive with invoicing;
- make sure that you speak regularly with your customers to see how they are being affected by the pandemic.
The reality of the situation is that many businesses will struggle with cash flow over the coming months, so some flexibility and understanding, especially with your key clients, needs to be considered.
It is vital that any issues are tackled at the earliest opportunity and if you have any doubts, contact us immediately for guidance. We can discuss the various options available to you in order to maximise your prospects of recovering the debt.
We have a longstanding proven track record with collections and are here to help you during this difficult time.
Please contact Andy Howard, Head of Debt Recovery on 0113 849 4074 or Amy Dobson, our new Debt Recoveries Executive, on 0113 849 4025.