Many of us have made New Year’s Resolutions, or at least given some thought to losing weight, drinking less or quitting smoking – but few people are likely to have considered business debt recovery as something to make a newfound commitment to in 2014.
But making New Year’s Resolutions for your business can help you to keep things on track well into the new year, and could see your business bank account looking healthier during the months to come as well.
The most obvious reason to commit to business debt recovery is simple – debts represent your money, but in the hands of somebody else, and getting those funds into your own account is clearly beneficial.
And while in the past you may have felt like some debts were ‘not worth chasing’, you can now charge reasonable debt recovery costs on top of the amount owed, meaning you can outsource business debt recovery to a specialist, without losing out on the amount you reclaim if you are successful.
For older debts, you can also add statutory interest to the amount you claim back from the debtor, potentially turning that ‘not worth chasing’ debt into a much larger and more useful sum of money.
On top of all of this, there is of course the ethical aspect of pursuing debts – and you may wish to make business debt recovery a point of principle, as well as a point of practice.
By doing so, you not only take a stand against the non-paying debtors who have wronged you in the past, but can also help to show that you are not a business that is willing to be defrauded without taking firm action in the future as well.
Whatever you decide in 2014, we would like to take one final chance to wish everybody a very happy and prosperous new year, and 12 months of prompt payments from all of your customers.