7 Jan 2020 / Back to latest updates

Priorities of the Year of 2020 for a Business

January is a normally a time for individuals to rethink their priorities and plan for the year ahead. This is no difference for a business. January should be a time that you can review how your business is coping, how your staff feel and how well your cash flow has coped throughout the previous year.

Here at the Debt Collection Centre we have a few tips for businesses (not dependant on their size or industry) to consider:

• Check your standard terms and conditions – are they up to date and are they suitable for your business needs. Is there a term in respect of claiming interest for late payment of invoices?

• Check in with your finance team –
  • Know your Creditors – have you paid, disputed any invoices with your clients or suppliers?
  • Have you kept them updated throughout the process? If you don’t update them then they could possibly lead to a claim or winding up petition being presented against you.
  • Make a report of anyone that owes the business money – what are their reasons for not paying?
  • Any debtors disputing the debt? Review the circumstances as impartially as possible. Either call them to discuss the matter or arrange for a meeting to discuss the matter.
  • Also considering offering a discount so that the matter can be resolved quickly.
  • If you have not been able to resolve matters or the debtors have been ignoring any attempts of contact pass the matter to a Debt Collection Agency or solicitors.

The Debt Collection Centre is run by Devonshires Solicitors LLP. Debt Recovery is a core area of our business and we deal with all forms of debt recovery both in the UK and internationally. Ranked as one of the best in London listed in the Legal 500 directory as recommended specialists in this area. We provide a commercially orientated efficient and effective service enabling our clients to focus on the running of their own business rather than spending excessive time and money pursuing outstanding debts. We have a strong reputation of recovering money when debts have been disputed and provide a full service for our clients from locating their debtor and pursuing them through County Court, High Court and Insolvency Proceedings.

 Please contact us for more information.