When it comes to chasing payments, small businesses typically spend more than a week each year pursuing what they're owed. With more than a third of businesses being hit by payment delays, the impact on growth and innovation can be significant.
North East commercial law firm Muckle LLP is pushing against this trend, working closely with businesses in the region to ensure they keep a finger on the pulse of late payments, create strategies to deal with them and help avoid lost income.
The North East has long been renowned for its industrial strength and entrepreneurial spirit, and the region’s strong association with industry goes back many years. A whole host of prestigious companies set out their stall on the banks of the River Tyne, Wear and Tees, and these businesses had a reputation that spanned the entire globe.
Today, the region is a leading destination for manufacturing, engineering, digital and life science companies (to name but a few), with the business community consistently at the forefront of innovation and investment. Helping it continue such progress is Muckle, which is using its experience and knowledge in debt recovery to ensure that the trend continues.
In the midst of all this growth, the significance of maintaining a healthy cash flow cannot be overstated.
Colin Churchward, partner in Muckle’s debt recovery team, says the firm is seeing an increased demand for its debt recovery services, with businesses struggling with cash flow due to late payments: “Late payments are very common. It can be tempting to give in and accept it as part and parcel of doing business, but it doesn’t have to be.”
“As a business, we’ve helped numerous organisations across the region move forward. Everyone at Muckle lives in the North East, is enthusiastic about the region, and wants to see it thrive. We’ve got real capability in debt recovery; our team includes people with a lot of different disciplines, which allows us to provide an expert approach,” says Colin, who himself specialises in providing public and private sector organisations with advice on debt recovery strategy and risk management.
“Our clients tell us that chasing customer payments is a significant distraction from their businesses’ day-to-day running. But now isn’t the time to be complacent. Your customers will likely have multiple creditors. Businesses that are proactive with their debt collection will see their invoices paid first.
“If you’ve already asked for payment but have not received it, then warned you’ll escalate and still have not been paid, then you need to seek help. Using a professional service to collect payment will save you time, money and resources.”
“With the right invoice recovery strategy in place, it’s easy to take back control.”
Muckle’s legal expertise can make invoice recovery fast, efficient, and, most importantly, compliant. Colin says: “We’re able to quickly assess your outstanding invoices, make recommendations and help you apply compensation, late fees or interest to the debt. We’re professionals, so you don’t have to worry about a heavyhanded approach damaging your client relationships.”
Debt collection is becoming ever more sophisticated, with technology speeding up the process, using insights to find the best way to recover monies owed.
Muckle is leading the way in debt recovery with its easy-to-use online tool – Muckle Collect. Its online portal allows businesses 24/7 access to submit and manage outstanding debts. This makes it easier than ever to log each invoice, agree on a strategy for recovery, and track progress – either for a fixed cost or on a ‘no recovery, no fee basis’ basis.
If you want to explore how Muckle can help support your business, please contact Colin Churchward at colin.churchward@muckle-llp.com