Are you grappling with cash flow problems and struggling to communicate with creditors? If so, you're not alone, and the stress and worry can take a toll on your well-being. Here are some strategies tailored to help you address these issues:
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High Court Enforcement Officers (HCEOs) are pivotal players in debt recovery, entrusted with executing court orders and recovering unpaid debts. The popular TV show "Can't Pay? We'll Take It Away!" offers a dramatic glimpse into the world of HCEOs, shedding light on their vital role in restoring financial stability for creditors.
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The recent move by the Bank of England (BoE) to implement its 14th consecutive interest rate increase, raising rates to 5.25%, has set in motion a series of changes that extend beyond the surface-level market dynamics. As a Debt Recovery Specialist, I want to show how this decision can significantly influence businesses and their strategic financial planning. Let’s delve into the profound implications this rate adjustment holds for various aspects of our economic landscape. Borrowing Costs: The BoE’s decision to raise interest rates directly impacts borrowing costs, creating a ripple effect throughout the business world. This development is significant for
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In the dynamic world of small and medium-sized enterprises (SMEs), cash flow is the lifeblood that keeps businesses afloat. However, recent trends indicate a concerning rise in late payments, causing substantial financial strain on SMEs. According to the latest SME Insights Report for 2023 from Simply Business, late payments have surged from £27 billion to a staggering £32 billion. This blog delves into the reasons behind this alarming increase and its potential implications for the SME landscape.
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How often have you been on journey where you’re sitting either on a bus or a train and its pouring outside? And you think to yourself “Wow I’m lucky to be in the dry”. … But are we really? When we go through our day to day lives – we come across things which fall outside of our general zone of comfort, which tests our ability to either be strong or crumble. As a business owner, we are currently being pushed to the corners of our comfort zone to take the risks to see what works, what I’ve learnt is
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Do you sometimes feel as though you’re sinking? That there’s a lot to do, but there isn’t a lot of time to get it done? Do your emotions run high when you look at your To-Do list? You think “how am I going to tackle all of that today?” I think it’s safe to say, we’ve all been there. Gone are the days when you used to work as an employee, pigeon holed to perform just one task. … Maybe you’re still that employee, but your focus has shifted to something that serves a greater purpose to you, and what
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Say a customer comes to you and admits that, for whatever reason, they cannot pay their debt. They must seem genuine enough, right, considering it is coming from them directly? It is always good to be on your guard, all that glitters is not gold. This is true especially when looking for a new supplier, as you’ll see from my experience below. A while back, I needed to update my computer virus subscription as the prior one was out of date. Once updated, I tried to upload the new subscription, but I’m not a computer expert and this befell me.
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Big or small, we could all face that sickening notion when one of our Customers gets pulled into some sort of insolvent triangle. The kind that means you can’t get in to take out what you’re owed. “I’ve gone bust” “We’re shut, go away.” “We have entered into liquidation/administration” “We’re about to go bust, but are setting up a new company” What do most creditors (companies that are owed the money) do? Larger companies may likely just write the debt off. Smaller companies may seek further advice from their accountant. Below is a short guide to understanding the basics when
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What’s the hardest decision you’ll ever have to make? Churchill said that naming a kitten was the hardest job in the world. My online entrepreneur friends tell me it’s buying a domain name. Real-world business experience tells me the most stressful decision you’ll ever have to make is knowing what to charge. Pricing Can Be As Complex As You Make It You may need / want to consider: The competition Your own skill set What you perceive to be your skills What your market will pay Your location And a host of other variables. Working out what to charge can
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When you first began your business you probably found yourself doing everything yourself. … but as you slowly begin to grow you have to ensure that you have a system in place to record your cash collection. Why is it crucial to keep records? As well as keeping accounts and your annual return records organised, you’ll be able to keep your Customer details in a central database, making it easier to keep track of them. Basic account keeping is key for sustainability Rather than your usual spreadsheet, there are so many add-on accounting software packages available to use now: Kashflow
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