RECESSION-PROOF YOUR RECEIVABLES by Chris Brown
Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the Covid-19 outbreak, a report by the Federation of Small Businesses has claimed.
It’s absolutely critical to review your internal processes to help recession
Raising new invoices
Get them out ASAP and ensure you have clear payment terms agreed can be doing to collect invoice accelerate this process? Now is the
Consider using credit limits and decide in what situations, and
Adapting internal communication
Be rigorous about your invoice and customer records, keeping track
of any agreed expected payment
Share a Progress, Problems, Plan approach was used when debts were paid fully or partially? Keep
Reduce friction to pay
Make it as easy as possible Consider one-click payment options or online payments through a merchant service provider such
For customers experiencing serious consider offering extended payment
automated credit control system can save over seven hours on credit control every week and
So don’t write off your debts, create a game plan and get chasing them now!
DEALING WITH DISGRUNTLED CREDITORS by Ian McCulloch
While many creditors were sympathetic when the coronavirus crisis first hit, many indebted companies are now feeling the heat rising as creditors seek to recover money owed.
If your creditors are relentlessly chasing you and you are feeling increasing levels of pressure to pay money which you simply don’t have, you may feel there are few
No matter how bleak you feel the situation is, there are always with disgruntled creditors, the worst thing you can do is ignore the unprecedented business disruption over the past six months, you are certainly not alone in experiencing may be more understanding than
Opening up channels of communication and allowing
creditors to understand what you can afford to pay, is the this information, creditors may well prefer to take the option of partial repayment rather than risk
Negotiating with creditors can often be the best way of resolving such a situation, and depending on the level of debt involved, your ability to repay, and your existing relationship with your creditor, these negotiations may result in an informal repayment plan, or by a formal insolvency process
you past the point of turnaround, however, you may need to consider whether placing the company into liquidation or administration is a more suitable option in order to protect creditors’ interests and
Need a strategy? We can help you up your game
01253 871111
www.brownandco.uk
Make your worries our business.
Whatever problems you are experiencing in your business, we can help.
Call us for a consultation on: 01772 202 000
2-3 Winckley Court, Chapel Street, Preston, Lancashire, PR1 8BU
preston@btguk.com
Offices across the UK.
www.begbies-traynor.com
Begbies Traynor (Central) LLP, a limited liability partnership, registered in England and Wales No: OC306540. Registered Office: 340 Deansgate, Manchester M3 4LY.
A member of the Begbies Traynor Group: Specialist Professional Services.
www.begbies-traynorgroup.com
LANCASHIREBUSINESSVIEW.CO.UK
33
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82
