Debt recovery: maximising recovery and minimising write-offs

An unfortunate reality of being in business is those occasions when your bills are not paid on time and you have to engage in a process of debt recovery. This can be a distracting exercise which inevitably diverts time and resources away from your core business activities, not to mention playing havoc with cashflow.

This article provides some practical tips to ensure you maximise recovery of your debts and avoid write-offs by focusing on no-nonsense techniques that can be employed to minimise the likelihood of non-payment.

We address this in three parts, mirroring your relationship with your debtors:

1. Entering into the relationship;
2. Managing the relationship; and
3. Seamless recovery/payment.