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Managing Bad Debts

Managing Bad Debts

April 25, 2014
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When you are doing everything in your business, you’ll appreciate that there are only 24 hours in a day. And you don’t have time to be chasing people who owe you money.

You can get in a bookkeeper to help you with this activity… just by the client receiving a call from your ‘accounts department’ can make a huge impact on whether you collect in any money or not. It means you’re taking the debt seriously. Failing this, it may help to get in an external specialist to help.

Getting help with credit control is beneficial because:

  • You are selling to the client (so want to remain focused on this), whereas, it can be very effective to have a different person focus on the collection. It’s not ‘muddying the waters’.
  • It can be extremely draining to constantly be ‘chasing’ people… you need to put your skills and talents to the best use – which is bringing in the business and doing the work.

Listen to some tips and advice on customer and credit control, with our interview who is an expert in recovering bad debt (over 10 years experience).

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