Cashflow is the lifeblood of any business and when you are owed monies by numerous debtors beyond agreed terms, collecting what’s due can become a time-consuming burden, not to mention a strain on the sustainable success, investment, and growth of your business, says Richard Flounders, Partner – Litigation, Jacksons Law Firm.
Research published by Bibby Financial Services in April 2023 advised that average bad debt owed to UK SMEs had jumped 61% since spring 2022 and that 1.5 million (27% of SMEs) were struggling with the issue.
The report went on to say that 60% of SMEs said it was taking longer for customers to pay invoices in full, and 29% were worried about how long it was taking for invoices to be paid.
“It’s fair to assume that given the general economic position since April 2023 the situation won’t have improved,” said Richard.
“Cashflow is vital for any business, and we have a long history of assisting a variety of clients across all sectors and sizes with debt recovery.
“We have invested in and developed a digital system which allows us to help to recover debt for our clients on a “no recovery, no fee” (or, if preferred, a minimal cost basis) which is incredibly simple: just send us the information and we do the rest.
“In general, a reminder from a lawyer that a debt is outstanding does reap rewards.
“On the occasions where the debtor still doesn’t pay, we can advise you of further options, should you wish to pursue a formal claim.
“Our Volume Debt Recovery service makes debt recovery risk-free. It takes the onerous collection task away from busy business owners enabling them to get back to the business of doing business.” If you think this might assist you (or any of your clients or contacts), visit www.jacksons-law.com/contact-us/
About Jacksons Law Firm
Jacksons was founded in 1876 and is one of the longest-established law firms in the North East. We have a team of specialist lawyers offering legal advice to both businesses and private clients across the region, from Northumberland and Tyne & Wear to Teesside and North Yorkshire.
Our priority is our clients, who range from national multi-site organisations to public bodies, SMEs, and private individuals. Our clients benefit from having access to highly experienced, approachable, and friendly legal teams. We focus on delivering first-class results and providing real value.