Research from last year revealed to the team at Commercial Domestic Investigations that almost a third of UK businesses write off debt because they’re reluctant to chase slow paying or non-paying customers.
A recent This is Money article featured statistics from business owners which revealed “Four in five, or 81 per cent, say they avoid chasing debtors because they find the process ‘uncomfortable’, while one in five, or 19 per cent, are afraid of antagonising customers.”
From our experience we’d say that worries about being ‘uncomfortable’ when chasing debts is normal for many business owners, but not chasing debts, or not outsourcing debt collection to professionals will eventually put your business at risk.
Many business owners are simply too friendly with customers who don’t make payments in a timely manner. The article went onto quote one business owner who admitted: “We try to leave it as long as possible until we literally cannot work without overdue payments before contacting them about it as there is so much competition out there in our trade that we are concerned they will look elsewhere.”
Not having a debt collection process in place can mean that your business quickly becomes unviable. In 2014, Commercial Domestic Investigations featured in The Times newspaper, we looked at one business owner who had to reduce staff and hours of his business due to unpaid debts. Only when the owner utilised the services of Commercial Domestic Investigations did his business cash flow improve.
If you’re a business owner and you’re worried about cash flow but scared of antagonising customers or being embarrassed about chasing debts you should consider the professional services of a commercial debt collection agent.A professional debt collector will use a polite and professional manner to collect outstanding payments and make sure your business cash flow doesn’t suffer.
About Commercial Domestic Investigations
Commercial Domestic Investigations are regarded within the debt collection and credit control industry as one of the best credit management companies in the UK. Established in 1988 to support and service all sizes of companies in the field of Credit Management.
Primarily our clients use our automated Debt Collection Services, but over the last eighteen years clients requirements have changed dramatically, something Commercial Domestic Investigations has addressed.
We now boast a national client base in excess of 30,000 companies. Commercial Domestic Investigations has grown by listening to clients’ requirements and adapting our services to meet all companies’ needs from Sole Traders, SMES, Ltd and Plcs. Please contact us on 08444 159200 for more information.