Cash flow can be a big issue for small businesses. With the standard 30 day payment terms, it’s easy for a business to go a month without a much needed cash injection. Small businesses also have to make concessions; in many cases they can’t sign people into contracts because they need business and they need it fast.
So how do you look to recover debt if you’ve not tied anyone into a contract?
Well there are a number of avenues that you can take, debt recovery solicitors, agencies or even just going straight to the courts. Because agencies and courts can be very costly, we’re going to look at the more popular option – consulting a solicitor.
A debt solicitor is useful because:
1. They have a full understanding of the processes required to recover debt
2. They have the legal knowledge to write letters threatening extensive legal action
3. They are priced very competitively and often help settle issues outside of court
If you are interested in reading more about how debt solicitors can help you and the stepped approach that debt recovery requires, please read the UK Government’s managing debt website.