Christmas Debt Collection
Christmas Debt Collection
The end of what has been a difficult year is approaching, and you may be preparing to say goodbye (and possibly good riddance!) to 2020. But before you wave out the old year or settle down to enjoy Christmas, don’t forget to take care of your unpaid invoices, so you can end the year on a high. To help you navigate the sometimes fraught debt collection process, here are five handy tips.
Recovering debt can be a frustrating experience and it can be easy to become agitated by the unfairness of the situation. But losing your cool won’t help you get paid any faster! Try to remain courteous and in control throughout the process, focus on the facts and stay professional.
Make a Christmas List
Admittedly, this is not the Santa Claus type of list. To help you get a handle on what is owed to you by whom, draw up a list of your debtors, including details of what they owe and try to put them into order of priority, according to what is most important to you, whether that is the size of the debt, age of the debt, or another factor. This will ensure that you are on top of the situation for 2021.
Communication is Key
It can be a mistake to allow communication with your debtors to break down, particularly at this time of year when many businesses try to settle what debts they can. You want to be sure that you are at the front of the queue when this happens, so keep that channel of communication open, updating them at every stage of the debt collection process.
Consider Hiring an Agency
If you’ve done all that you can to resolve the debt situation without success, it may be time to consider bringing in the professionals. A modern debt collection agency will take a thorough and flexible approach to the issue, using highly trained and skilled collectors, and will bring their experience to bear in using all the resources at their disposal to recover your debt while ensuring that your crucial business relationships are maintained throughout the process.
A professional debt recovery agency can get on with the business of recovering your debt, leaving you more freedom to enjoy the festive period.
Plan for 2021
You can’t afford to stand still in business, and that applies to your debt management processes as much as any other aspect of your work. Think about how you can improve your processes in 2021 to reduce your exposure to unpaid debt. This can include aspects such as more careful customer screening, tightening up your terms and conditions, and add specific payment dates to your invoices.
If you need advice on any aspect of debt collection, get in touch with us today and find out how we can help you to recover your debt to put yourself in the best possible cash flow position going into the Christmas period and throughout 2021.