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Are late payments stifling your business growth?

Post by Admin , Jul 16, 2018.
Legal Support

Our expert Consultant Nicola Walker recently posted a blog post to Walker Thomas Solicitors, in regards to late payments. The FSB says “small businesses across the UK are still chasing £14.9 billion in late payments”

Business owners either neglect to chase late payments until the point when cash flow is a real risk or they find themselves is a position that an existing client suddenly runs into cash flow problems.

When either situation arises it can be a very stressful time. This is especially true if your client owes a substantial invoice.

Don’t forget to get paid …… This one seems pretty obvious, but you would be shocked at how many small business owners don’t properly track or chase invoices.

MarketInvoice (a finance provider that lends money to SMEs against the value locked up in their invoices) have found that 3 in 10 invoices paid late were still outstanding 2 weeks after the agreed settlement date, with some bills taking as long as 6 months to be paid.

Taking the time to research all the steps to recover debt can be time consuming and may not result in receiving the funds you are owned any quicker. Enlisting professionals can help to speed processes up and get your business’ cash flow back on track. 

Walker Thomas Solicitors handle debt recovery as a profession and can give you peace of mind and the support you need because you know that the resolution is being handled by an expert.

Why use Walker Thomas Debt Recovery Experts?

Time saving –
undertaking debt recovery proceedings is time consuming and your time can be better spent running your business.

Protect relationship with your customer – removal of those awkward ‘money’ conversations with your customers by getting a 3rd party to deal direct with your customer. 

Can help to speed processes up and get your business’ cash flow back on track - helping to ensure that you can continue to maintain the smooth operation of your company while outstanding payments are chased.

Send a message to your customers - by instructing experts to chase debt as soon as it arises, you are sending a message that your payment terms must be adhered to by all your customers. 

Our specialist debt recovery experts can advise you on the best route to maximise your recovery and guide you through each step. If you require assistance with regards any aspect of debt recovery please contact Walker Thomas Solicitors on 0207 842 1868 or email to info@walkerthomas.co.uk