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When you’re in a small business and trying to do it all, debt recovery can be both time-consuming and tricky.

Thankfully, over the 30+ years, we have been in the debt management world, we have learned that there are a few key things you can do to make the process run so much smoother for you.

In this blog our expert Debt Resolution team at EC Credit Control has put together these nine top tips for debt recovery when you are running a small business.

We hope this helps make things easier come payment time. 

9 Debt Recovery Tips for Small Business Owners

1. Run credit checks on new customers

2. Make informed decisions about your debtors

 Hot tip: Credit checking the easy way

You may not be aware that at EC Credit Control we do more than just debt collection – we can also help with credit checking online, any time. This is all part of our philosophy of total debt management to ensure you have a well-oiled process that saves you valuable time in your small business.

3. Start with terms of trade

4. Go further than a handshake

 Hot tip: Delivering your terms of trade

At EC Credit Control we recommend our small business debt collection customers include their Terms of Trade with their initial application forms, making it a convenient process for everyone when the relationship is being formed. Do it over a smile and a handshake – with the peace of mind of having the proper legal documentation as a backup.

5. Create clear processes/systems

6. Consider making incentives to pay on time

7. Use several different channels to contact customers

Having strong Terms of Trade also has the advantage of making you look professional to your customers and allows you to set a fair and reasonable tone for the relationship going forward.

 Hot tip: Get as many contacts as you can

When you are first meeting your client, make sure you keep a record of all their contact details – email address, multiple phone numbers, physical addresses, social media profiles, etc. Store them in a central place – ideally a CRM system, in your mobile phone’s contacts, or a hand-written directory book.

8. Allocate debt recovery to a single person in the team

 Hot tip: Write it down for later

Make sure the process is written down, and notes are kept in a CRM file or similar, so that if your person isn’t there the debt collection process can be picked up as normal.

9. Use a professional debt collection agency

Hopefully, your debt management process will be so watertight that most customers never reach the stage of escalated debt collection. Then, for those that do need this extra level of management, our team of experts will be there.

Find out how we work, and learn more about our simple online debt collection process.

Have more questions?

We have our sleeves rolled up and ready to help you in your small business. Simply send your questions to our debt management team or load your debt online today.