At no other time in our business has it been more important to manage debt. COVID, with its many tentacles, has woven one around our customer’s ability to pay.
As a small business owner it can be a challenge to meet the expectations of customers who want credit. However, for any small business, cashflow is king and debt recovery wastes precious and costly resources that could be better diverted to building your business.
Therefore it is imperative you manage cashflow with a philosophy that clearly articulates that debt, debt recovery and the associated disruption to your business is a cost. Those costs have only two outcomes: you as the business owner absorb the hit to the bottom line or you pass it on to your customers through higher product or service costs.
Once you decide which of these outcomes best suits your debt prevention and debt recovery practices you need to articulate this for your customers, any employees and for those who do your books. These policies and procedures will take the headache out of debt and you will find yourself redirecting resources to more creative areas of your business.
In this course we will outline the establishment and content of those policies and procedures that prevent debt from accumulating. Then we will discuss how to deal with customers relative to their requests for credit.
From there we will address existing debt. The debt recovery process in New South Wales involves multiple steps like establishing contact with the debtor, trying alternate dispute resolution process for settlement and in the event of the dispute not being resolved – taking action through the relevant courts. However, the court you choose can have further cost implications for your business and we will outline that decision-making process as well.
In choosing to manage your debt prevention and cure you are choosing your business.
You will be able to ask questions and take away a recording of the presentation for further reference.
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