To SME’s, customers are crucial. Building a strong, trusting relationship is vital to your company’s growth. Maintaining the relationship is just as important, a common concern amongst SME’s is how to chase up debts without putting their customers off using their services again. This is not a problem faced by a minority. In a survey carried out by the Institute of Directors of almost 1000 SME’s, 66% said that they had issues with late payments. No two debt recovery situations are the same so there are no set rules on what you can do. Here at Commercial Domestic Investigations we have a wealth of experience in debt recovery and we wanted to share our top tips for recovering debt without scaring off your customers.
Try a different tact
If you go on the attack, you risk losing you customer, ignore the issue and it will happen repeatedly. Try and weigh up the customers worth against the debt. With valued customers you may choose to offer a longer payment term. Here at Commercial Domestic Investigations we know the difference between “can’t pay” and “won’t pay” and we will approach each situation differently – why not do the same when chasing payments?
Have a conversation
Being traceable is very important in business, most of your debt recovery may be via email or letters. A simple phone call to your client may resolve the issue and your client may appreciate a friendly reminder instead of a formal letter. It can spur the customer into action when speaking on the phone as they remember that they are dealing with a real person and a company that is relying on that payment.
Call in the Professionals
In business you consult experts you consult experts on other aspects of your company, why not speak to an expert when it comes to debt recovery. At Commercial Domestic Investigations we have over 30 years of experience in the industry, working with a client base of over 30,000 companies we are able to support businesses of all sizes. Call us on 08444 159200 or email firstname.lastname@example.org to find out more.