3 Top Tips To Help You Recover Debts
Being owed money is an unfortunate side effect of doing business for many company owners and recovering them can cause further pain when the process becomes a long, drawn out affair, which is often the case with bad customers. So help you recover you debts as quickly as possible here are 3 top tips to help you.
Communicate at the earliest opportunity
If you have staff that deal with your accounts then communicating with customers over money owed should be easy. However, if you are the owner of a lean start-up then you might not have the funds so the responsibility will be on your shoulders to communicate with non-paying clients and customers to find out what’s going on. The earlier you do this, the better the chances of getting the situation resolved quickly.
Send debt chasing letters
If the debt has been overdue for some time then you should consider sending your client or customer a letter. A letter will often have the desired effect in getting your customer to pay up if it is written correctly and follows the right template. It is advisable to seek professional help when sending letters to ensure they contain all the information required and it is accurate.
Take legal action
This is usually the last resort. You can appoint a debt collection agency or take the matter to County Court but beware this is a far from easy process and again you should seek professional help to ensure you achieve the best outcome