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How to trade with confidence in a struggling economy

With the New Zealand economy struggling and business liquidations up 35% over the past year, there are some significant areas of risk that business owners should be wary of. These risks are particularly evident within the construction, transportation and manufacturing industries who are reporting a 29%, 38% and 26% increase in credit defaults year on year respectively. If you currently trade with these industries, what will happen to your cashflow if one of your customers was suddenly unable (or unwilling) to pay you?
With over 30 years of experience in managing credit risks, we know a thing or two about what businesses need to do to minimise their risk and trade with confidence, even in a struggling economy.

Here are four things you can do to trade with confidence

1. Establish a clear legal relationship

With clearly written terms of trade, you put yourself in a powerful position should your client fail to make payment. EC Credit Control can tailor terms of trade to your business that are fair and enforceable. Book a meeting with your local Business Support Specialists here.

2. Know who you are doing business with

You should be clear on who you are trading with including their credit worthiness. A credit report is like x-ray vision into how likely your client is to default if you offer them credit. Empower yourself and run a credit report on each new client and regularly review your existing clients too. Find out more about our credit reporting options here.

3. Become a secured creditor

If you supply goods on credit, you should register your interest and become a secured creditor on the PPSR. As a secured creditor you will have priority for repayment over other non-secured creditors should your customer become insolvent. Find out more about our PPS services here.

4. Most importantly, don’t let your debtor age!

The more overdue your debtor becomes, the less likely they are to ever settle the debt. It’s as simple as that. With a resolution focus, EC Credit Control gets great results – Let us take the problem off your hands. It’s free to sign up and takes just two minutes.
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Get more information

Our friendly Customer Service team are available to talk through our debt resolution services and how we can help your business.

Call us today at 0800 324 768 or fill in the form below and we will be in touch as soon as possible.

About EC Credit Control

We are a New Zealand owned credit management agency that has been supporting Kiwi businesses for over 30 years. As a specialist in debt resolution and developing business terms and conditions of trade, we have the tools and expertise to help minimise the risk to any business that offers credit. For a free no-obligation consultation, get in touch with your local Business Support Specialist.

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