Learning how to juggle your time – Glendale Plastering
Due to the downturn and extensive challenges it has brought, business owners have been faced with a juggling act in order to keep their business growing.
Dividing time between chasing older debts and seeking new business has proved particularly difficult for many SMEs, and this precise dilemma resulted in Hilton-Baird Collection Services being appointed to collect an unpaid invoice on behalf of Glendale Plastering, the Hampshire-based plastering company.
Managing Director, Mark Davey, admitted that he struggled to find the right balance and the time to focus on chasing customers for payment. Add to this the complications created by this one particular customer refusing to pay the full amount and the fact the debt had grown two years old, it’s clear to see why Mr Davey enlisted the help of a specialist commercial debt collection agency.
Upon contacting the customer, our team was told he was only prepared to pay around 15% of the total invoice value, a stance he had maintained from the beginning despite Mr Davey threatening him with court action should he fail to pay.
After careful negotiations however, we were able to persuade the customer to nearly double his offer of a full and final settlement to our client’s satisfaction.
Juggling your resources to meet the business’ day-to-day tasks continues to be a real problem for many SMEs, but neglecting your sales ledger could be detrimental to your business.
Debt collection agencies excel at assuming this process to remove the burden from your business via one-off debt recovery or ongoing credit control support.
Read more about how Hilton-Baird Collection Services can assist with your collections needs.