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Get Back in Control of Your Business

As a business owner, you have many essential obligations to keep your company operating from day to day. From hiring good employees to building a marketing strategy to managing your finances, there’s no shortage of responsibilities.

While all these duties are important in their own right, perhaps the most critical is making sure that your finances are properly sorted. Without enough positive cash flow, you won’t be able to pay employees, order inventory, or even keep the lights on.

Unfortunately, one of the most frustrating things that can happen as a business owner is when you deliver a product or service to a customer, and they won’t pay. This situation is all too common and ends up requiring a great deal of back and forth communication on your part, wasting time and taking your attention away from more strategic business matters.

In this post, we’ll share the steps you can take to recover debt and get back in control of your business.

Give the Benefit of the Doubt (At First)

If you’ve sent an invoice to a customer and they won’t pay, the first steps are to follow up with them. Sometimes, clients make an honest mistake and forget to send payment. If you want to keep the working relationship intact, then it’s a good idea to send gentle reminders via email and phone first.

Stop Providing Services

In the meantime, instruct any employees who work on the account to stop providing services until the invoice is paid. Hopefully, the customer will realise that they’ve stopped receiving services and will take action to send payment. Otherwise, don’t continue spending resources on them if it will just increase the amount of debt that they owe you.

Send Written Notice

If those tactics have gone ignored, then it’s time to take more formal action. Draft up physical 1-2 reminder letters and send them via post. If your customers still refuse to pay, then you will need to take the next steps, including sending a letter of demand or engaging a debt collection agency.

Send a Letter of Demand

After you have exhausted all of those options, you can issue a letter of demand. In Australia, a letter of demand outlines all of the previous action you have taken and states the consequences (such as legal action) if payment is not received. Letters of demand are considered quite serious, so you may want to work with a professional debt collection agency to draft and send one.

Hire a Professional Debt Collection Agency

You can elect to hire debt collectors at any point within the process. These professionals are trained to recover unpaid debt from your customers, making debt recovery easy and allowing you to focus on your business.

Debt recovery services like Boston Commerical Services will place escalating phone calls and letters of demand on your behalf. Throughout the process, they will maintain a professional demeanor so as not to damage your business relationships.

If your clients keep ignoring these calls and letters, a reputable debt collection agency will pursue other avenues, including skip tracing and legal action, if necessary. Boston Commercial Services offers its clients access to legal help at a discounted rate and charges on an activity basis, rather than a time basis.

All debt recovery agents at Boston Commercial Services receive ongoing training to ensure that they are complying with all debt collection laws and regulations. The firm also regularly monitors calls and is fully licenced, so a high level of professionalism is guaranteed when working together.

Ready to regain control of your business? Call the experts at Boston Commercial Services today!

 

Read Also:
A Professional Approach to Debt Collection
Your Credit Application Terms and Conditions Drafted by Legal Experts
How to Manage a Debt Recovery Dispute
Why You Need Legal Advice to Secure a Commercial Mortgage

 

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realclicks 4:21 am
  • I have worked closely with Boston Commercial Services for over twenty years across four different companies and would not work with anyone else in regards to helping me with my outstanding accounts. Whenever I have started a new role, the first thing I am asked is, “How would you go about cleaning up our accounts receivable ledger?” My answer is always the same – “The first thing we need to do is call Boston Commercial Services”.

    Voytek Bradford

    Freedom Foods Group Limited (National Credit Manager)

  • I have known the principal of the BOSTON Group (Derryn HARRISON) as well as key staff members (including Ben GOWER) for well over 2 decades and have been using their professional services for myself as well as for Powerhouse Logistics Pty. Ltd. on a regular basis, not only in Sydney but on a national basis.

    At all times BOSTON have been extremely pro-active, attentive, courteous and professional with all matters we threw at them. Their advice has always been extremely sound and commercial and I find them to be a "breath of fresh air" within the legal fraternity and have no hesitation whatsoever to highly recommend them.

    Peter Brueckner

    Powerhouse Logistics Pty Ltd (CEO)

  • Expect A Star has worked with The Boston Group for 10 years. In this time we have appreciated the ongoing support of Boston for all of our collection and legal requirements. Like most businesses cashflow is critical to ongoing success and growth, with Boston we have found a partner who are an extension of our business and play a key part in our cashflow management. The Boston Group bring a level of expertise to our business which is valuable and coupled with their excellent customer service we look forward to continuing to work with them for many years to come.

    Ryan Meldrum

    Former CEO

  • I have been using the services of The Boston Group and their legal entity for over 11 years. During this time I have found their service to be impeccable, delivered with the utmost professionalism and integrity. The vast majority of cases that I have placed with Boston were far from straightforward, requiring legal acumen and delicate handling. Having used all methods available without success to procure payment, I confidently placed these matters into their safe hands. In all instances a successful outcome was achieved.

    Mark Parish

    Credit Manager

  • SNP Security has had the pleasure of working with Boston Commercial Services for the past 11 years. Boston has played an integral part in the continuing success of SNP Security’s low DSO’s, 90 Day % Debt & of course Bad Debts Written Off.

    Amanda Griffiths

    National Administration Manager

Boston Commercial Services prides itself in offering specialised, professional services, through a highly experienced team of debt collector, with personalised client attention.