Eight Successful Ways to Make Good, Your Bad Debtors

12 Effective Ways To Get Money Out Of Your Customers (Quickly)

June 19, 2019 | No Comments

There’s so much to take into contention when running a Business: Spiralling costs Rush of new sales Getting in old debt as quickly as we can Getting out there and chasing for new business Ensuring that account management on existing Customers is going smoothly. And these are just the tip of the iceberg, without having to worry about delivering the work to your clients, and ensuring there’s enough coffee to get through the day. The best method of coping with being in such high demand is to ensure your processes are up-to-scratch. Since it’s my speciality, I’ll be focusing on
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Stop Selling Yourself Short By Discounting Your Rate

June 12, 2019 | No Comments

It happens to every entrepreneur, every business owner and service provider at one time or another. … it will probably happen more than once. … and it will keep on happening until you learn how to deal with it. What am I talking about? Picture this scenario. You’ve met with a potential client, you’ve had coffee/ lunch/ dinner. You’ve listened to their needs and you know that you can help them achieve their goals. You’ve got a tremendous track record, you’re awesome and they are loving everything that you share with them. What could possible go wrong? You offer a
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Customers: The Good, The Bad and The Ugly

June 5, 2019 | No Comments

Sales can help you forecast how much your Business is going to make over the next few months … But the reality is … If invoices aren’t paid, the deal isn’t sealed. At the end of the day – Cash is King…. As business owners, we usually have several different kinds of Customers; The Good Ones, the Bad Ones and the Ugly Ones. This blog looks at what the SME Owner could do to categorise their customers and build in basic Risk Criteria … enabling them to establish better ways of getting their debts paid. The following looks at each
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5 Way To Deal With Being Evicted

May 29, 2019 | No Comments

Is the Court system prejudicial towards victims? … Or do some companies just abuse their dominant position in targeting the vulnerable? Repossessing and evicting tenants is sometimes necessary … But the grounds to overcome it can apply so much pressure it can cause people to feel helpless. It’s reminiscent of an old episode of the Channel 5 documentary show ‘Can’t pay? we’ll take it away’. We, the viewers, watched on as a family were evicted. But what of the emotions do the viewers feel watching that? Sadness Anger Frustrated Lost Hot-headed nervous Anxious Uncertainty Trapped What about you? How would
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Is There Ever A Right Time To Write Off Bad Debts?

May 22, 2019 | No Comments

This question has been posed to me many a time from SME’s and key decision makers. This should be guided by your Accountant, but realistically it really depends on your business circumstances. Many examples spring to mind regarding an ‘ideal time’ for a Bad Debt Write Off, here are just three of my experiences while working in this field: The Pub Owner Debtor: Pub Owner based in East Anglia, who ran a string of 3/4 pubs Debt Balance outstanding £60,000 Around mid 2008, a file of £60k landed on my desk, where £90k had been lent to this one PG.
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Company Directors Behaving Badly – Part 2

May 15, 2019 | No Comments

In last week’s blog I talked about the actions Creditors could take in relation to the Companies Act 2006. This week, I’ll be covering why the CDDA (Company Directors Disqualification Act 1986) was brought into contention, and the restrictions that can be imposed on fraudulent directors. This 2014 article from the Financial Times shows the type of nonfeasance is unlikely to be tolerated. Why the CDDA Thankfully, the vast majority of Directors have a fiduciary duty to act in the best interests of the company that they are representing. The good value that the Shareholders, it’s Staff and the overall
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Company Directors Behaving Badly – Part 1

May 8, 2019 | No Comments

Over the next couple of weeks I’ll be looking at Creditors rights. What they can do to keep on top of their credit checks and what restrictions are placed on Directors who continue acting without making changes. This week I’ll be exploring what Rights Creditors actually have. For businesses large or small in respect of trying to get their debtors to comply with their needs. … and should these needs be part of a Final Demand Process? Although not widely explored due to the cost of investigating and taking action, Creditors have the facility to issue a warning to the
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Why You Should Be Charging Late Fees

May 1, 2019 | No Comments

Managing a steady cashflow is never easy. With so many business attributes in abundance – it’s essential to have some sort of leverage to ensure your business gets paid. … and to deter would be non-payers. Here are 5 key reasons why the Late Payment of Commercial Debts and Interest Act 1998 (UK only) – ( The Act ) are crucial in getting your business debts paid. … and when and how you should use it. 1) Working Capital Many business owners think that generating Sales is enough to promote the overturn in your Balance Sheet credentials. However, by introducing
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Why Dealing With Complaints Makes Financial Sense

April 24, 2019 | No Comments

Having been committed to various roles in ‘Recoveries’ for the last decade or so … The sceptic in me always does a rigorous check to see if all angles have been covered before legal action is even considered. Now, you might be thinking – “Yes, I’ve covered everything All my letters/calls have been ignored.” Are you absolutely, 100% sure? As a Recoveries Consultant, dealing with the plethora of cases, I can tell you that around 9 out of 10 cases eventually cause or lead to problems. Out of those 9, usually 3 of those reverberate around a complaint of some sort
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Through The Looking Glass: When Debt Breeds Fear

April 17, 2019 | No Comments

Sitting in between my Clients; ‘Mrs’ on the left and ‘Mr’ on the right. Whilst talking, every so often ‘Mr’ would look over his shoulder, past the Mercedes on his driveway and out into the street. The same pattern would continue throughout through the meeting. Eventually I couldn’t help but agitatedly ask – “Why do you keep on doing that?” It turns out, it was all off the back of the advice I had given him days earlier. Here was a husband and wife team, with a substantive amount of business debts that had built up. If they were a
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