No pay customers or slow to pay customers can be a real nightmare for small business owners. As we sure you know, those outstanding invoices often create chaos in your working environment but as one of the leading debt collection agencies in the United Kingdom, Cobra Financial Solutions are here to help.
Not only interfering with a small business’ cash flow, slow/no payers can bring operations to a standstill, especially if the business is working on tight profit margins. As experienced and knowledgeable debt collection agents, our dedicated team here at Cobra Financial Solutions are here to help.
To help small business owners get the most money from those outstanding invoices we’ve put together a few pointers to help you:
Keep good records: It is essential to maintain accurate, clear and up to date credit files and payment histories on each customer. With so many accounting software suites around, there’s plenty of choice available to enable business owners to stay on top of their accounts.
Develop a credit policy: Equally as important for businesses is to make sure you clearly outline the terms and conditions. It is essential to detail what customers must fulfil to establish credit with the company, as well as repercussions if their accounts are overdue. This policy should be made available to customers and can be submitted with any invoices on overdue accounts so that these customers know what to expect.
Be assertive: With debt collection, it’s a delicate balance. It is important to not let overdue accounts run on, but at the same time it’s important to keep loyal customers. With this in mind, business owners should also take into consideration any external circumstances, such as economic conditions, that may affect a customer’s short-term ability to pay and make adjustments to the credit policy where it is feasible.
Of course, if you are struggling with commercial B2B debts, get in touch with Cobra Financial Solutions for help. With offices in both the North and South, our debt collectors cover the whole of the United Kingdom and help businesses get back what is rightfully theirs. Whether you have long term outstanding debts or your accounts have just fallen overdue, don’t delay. Get in touch with our experienced team of debt collectors and see how we can help.
Don’t stop the communication: Once the communication stops between the business and the customer, the likelihood that the business will receive even some if its money is much less. As we’ve said before, if you are trying to recover your B2B debts with no joy, or would rather let the experts get back your money for you, call Cobra Financial Solutions today for help. We’ve been operating across the whole of the UK since 2009 and have successfully collected over 15 million pounds for clients. Learn more about our successes by reading our glowing testimonials here.