Breaking News! I Need A Collection Agency

Businesses are built to grow.  But most businesses can go through a period of struggling to pay – and collect – their debts, particularly around the summer holiday period when staff are on holiday and no-one is around at your customers workplace to pay your invoices.  If this all sounds a familiar then you might just have a cash-flow problem and you might soon be saying: I Need a Collection Agency.

But don’t bury your head in the sand!

Keep your mind clear and look out for tell-tale signs of cash-flow problems in your customers business so you can stay on top of the payment pile.

Here’s 3 warning signs when you might utter the words I Need a Collection Agency:

1.  Your customers are not answering their phone, or responding to emails.  Or if they do, the decision maker or business-owner is either out of the office or in meetings every time you phone.  If the debt is 45+ days old, you might want to start considering 3^rd party help.
2. Your regular customers have suddenly stopped placing orders, despite owing lots of money.  We have seen this countless times when firms go insolvent, they leave a large portion of debts to build up on their account, and often use another company to supply them to spread their debt.
3. Your customers are disputing invoices more and more, this can be a sign of a company struggling with cash-flow and making up excuses to pay late.  Often there are no valid disputes and a debtor will pay with help from a collection agency.

This list is certainly not exhaustive when it comes to the next time you might be considering saying I Need a Collection Agency for my business.  But it is worth noting some of these points when you are analysing your customers payment patterns and behaviour because if you leave it too late, your customer may go bust and you get nothing.

The sooner you act when it comes to debt, the more chance of a successful outcome….so remember the next time you say I Need a Collection Agency …to quote a much-loved 80s film, who are you going to call?

If you are struggling with debts in your business, and you would like to discuss how we can help, please don’t hesitate to call us on Freephone 0800 160 1681 or email enquiries@tauruscollections.com