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How to Improve Debt Recovery Processes in Your Business

Gabriella Ivy by Gabriella Ivy
December 23, 2021
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How to Improve Debt Recovery Processes in Your Business
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While the client-company relationship is oftentimes a symbiotic and positive one, sometimes customers can go astray by not paying their bills on time or failing to meet previously agreed upon obligations. Collecting from debtors is never an easy or comfortable experience, especially if you like the client in question who isn’t paying you on time. Debt recovery lawyers in Melbourne will be able to assist you in communicating with your debtors and smoothing over any awkwardness, helping to keep all parties involved on track to a resolution.

Multiple unpaid bills will have a ripple effect across your business and impact your company’s cash flow, which could extend to you possibly not being able to pay your staff on time. Detailed below are some strategies to improve debt recovery processes in your business so you can feel confident you’re doing everything you can to help your clients meet their financial obligations.

Be Courteous and Empathetic

While it can be frustrating when a client misses the due date for an invoice, if it’s a first time offence, it is best practice to never assume malice. As a business owner, you’re likely already well aware how quickly your week to week schedule can become hectic and packed full of previously unforeseen issues. It’s only fair that you assume the same is true for your client. An unpaid invoice isn’t necessarily cause for spite, as it could simply mean the client forgot due to their own hectic schedule. Try sending a friendly reminder, as it’s highly likely this prompt will be enough to get the overdue bill paid in a timely manner.

Offer a Small Bonus to Customers that Pay Early

A sure-fire way to have your company’s invoices paid on time every time is to offer some kind of incentive to your clients and customers for paying their bills early. This small bonus could be something as simple as a small gift or discount on their next bill. This type of strategy will make it likely that you’ll never have to chase down debtors for unpaid bills in the first place. As they say, prevention is always better than a cure.

Attempt to Make Direct Contact with a Client

If a single bill continues to go unpaid, or if multiple unpaid bills seem to be piling up for a client, it could be a sign that something on their end isn’t quite right. While it might not be necessary to use the services of a lawyer at this point, if you’re simply too busy to make contact with your client regarding this issue or you’re not sure how to address this kind of dispute, debt collection lawyers in Melbourne can act as an intermediary and provide a link from you to the client without you having to address them directly.

Send a Formal Letter Demanding Payment

If all of your attempts to make contact with a debtor have fallen on deaf ears, then unfortunately it might be time to employ more official methods. While sending a formal letter of demand has the potential to permanently alter the relationship you have with a particular client going forward, it might be the only option you have left. Debt collection lawyers in Melbourne can assist you in articulating and sending a formal letter of demand while trying to salvage any goodwill left between the client and your company.

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