“To always develop and grow, I’m always asking questions.”
Q Why would my small business need a Credit Control System, when my business turnover is not very big, Isn’t this kind of professional approach only for much bigger businesses?
A A properly defined , developed and implemented Credit Control System in any business, regardless of the size of the business turnover, would actually help your business grow faster. Continue reading →
“Debt – An ingenious substitute for the chain and whip of the slavedriver.” – Ambrose Bierce
This is our first post in the series of the most frequently asked questions and answers regarding debt collecting.
QHow quickly can we collect money from a debtor?
A There is no one specific answer to this question. The outcome will depend on many variables: What are the Standard Payment Terms for the debt? How long had the debt been outstanding for (the longer outstanding the less chance of collecting)? Has the debt been chased previously and is there a record of the collection attempts? What kind of debtor are we dealing with? Is it a commercial debt or consumer debt? Continue reading →
‘This question is hard to answer, because there are no simple answers here and the outcome of this situation could easily be fatal to the business and if you are personally guaranteeing this money – and you probably are – this could potentially be very serious for your personal life too.
The things that you need to do, in my opinion are:
Find out why? If the reason given are not satisfactory, you will need to get legal advice.
Try and extent the deadline? If that is possible reduce the overdraft as soon as you can, or negotiate a stepped reduction of the O/D limit, ie. by month or week.