Are you a sole trader struggling to get paid on time?
23/08/2016 / Comments 0
If you’re self-employed and struggling with late payment you’re not alone.
Three in ten (30%) sole traders have been forced to give up on chasing payments from their customers this year, according to research from Paym.
And, worryingly, the number of abandoned payments is on the rise, up from 23% of those surveyed in 2015.
For cash flow-reliant sole traders this can cause significant issues. In fact, the research suggests that self-employed Brits lose out on a massive £8.1 billion a year – this accounts for an average of £2,472 each.
Knowing the importance of healthy cash flow for their business many sole traders will invest significant time and resource into chasing these overdue payments, often at the expense of newer invoices.
But, this can take its toll on self-employed individuals who often don’t have the resource or expertise required to dedicate to such efforts. And neglecting the remainder of your sales ledger could lead to more severe problems in the future.
Instead, it is often more beneficial to outsource overdue debts to the experts who will take on the task for you, allowing you to concentrate on what you know best – running your business.
For this reason, at Hilton-Baird Collection Services we have developed a selection of cost-effective debt recovery solutions designed to remove the burden from your shoulders and allow you to refocus on your core activities.
5 reasons to let us do the hard work for you
With extensive experience collecting payments from businesses of all shapes and sizes we know what is required to get results – even in some of the more challenging situations. Whether you send us one invoice or ten, we’ll adapt our approach to each one to get you back what you’re owed, even escalating the debt to legal recovery, if required.
2. Regain time to focus on your business
As a sole trader your time is important and should be spent securing and fulfilling orders, not chasing late payment. By outsourcing your overdue debts to us you can regain time and resource to focus on newer invoices and running your business, with peace of mind that your aged balances are in safe hands.
We will provide you with 24/7 visibility of our collections activity through our secure online ‘Client Zone’ portal so that you will always be up to speed with our progress.
4. We preserve customer relationships
Particularly for smaller businesses, we know that your customer relations are important. That’s why our approach is built around polite and professional mediation that allows us to get the results you want whilst preserving your customer relationships.
5. You only pay if we’re successful
With a success-based pricing structure, we will only charge you if we successfully recover your invoice. Plus, if the alternative is writing off the debt, you’ll be glad that you sought our help. To see how much we would charge should we successfully recover your unpaid invoices get a quick quote here.
Alternatively, give our team a call on 0800 9774848 to discuss your requirements with one of our collections consultants.