January Debt Recovery
January can be a particularly difficult time for business owners. It often takes time to rebuild momentum following a shut down when most staff and employees have been off work for what is often the longest period of the year.
While businesses have their problems getting up to speed, they are also more likely to put off paying debts until cash starts rolling in from their own customers.
Another problem can be business owners who take extended holidays into January meaning it takes longer for bill payments to be approved. Calls to accounts departments often end with excuses that payment will be made as soon as the MD returns.
This is all well and good but as a business owner yourself your own bills need to be paid and cashflow maintained so can you afford to wait longer while your client enjoys their holiday?
2018 could well be a tough year in some industries with predictions that the UK economy will grow by just 1.5% over the course of the next 12 months. This increases the urgency of ensuring you hit the ground running and maintain a healthy cash flow just in case 2018 turns out to be a tougher year than expected.
If you need advice on debt recovery, please speak to one of our advisers today.