Are you being used as a bank? Slater Byrne Recoveries are receiving an increasing number of calls for help from small businesses who are teetering on the verge of insolvency purely due to their customers not paying on time. Payment on invoices has marched from 30 days to 60 days, then to 90 days.
The escalation in payment times not only impacts your cash flow, but imposes a drag on the entire Australian economy.
As per ASIC’s reporting data the top 3 nominated causes of financial failure recorded for businesses currently are:
- Inadequate cash flow or high cash use (43.7%)
- Poor strategic management of business (42.1%)
- Trading Losses (33.9%)
When you partner with Slater Byrne Recoveries we make sure you get paid straight away. Our tried and proven techniques ensure your invoice is put on the ‘top of the pile’ to pay so to speak. In addition to getting your debts paid we can assist on reviewing and improving your terms and conditions to ensure you are not liable for collection costs, and your debts are more secured with personal guarantees.
If you think your business could use a helping hand or are being used as a bank then the sooner you call us the better.
Let us help you get back on top of your delinquent accounts and put the right clauses in place to ensure the cash keeps coming in.
Liam White joined the Slater Byrne Recoveries team in early 2013. He has worked across the credit & dispute resolution industry for a number of years. He is currently working in a Marketing/Head of Sales capacity at Slater Byrne Recoveries.