Your business survival is dependent on you having put in place the best possible trading terms for your business survival.
Here are the facts –
- 46% increase in external administrations
- 54 % increase in court actions for debts
There are number of factors causing these increases such as the drying up of cheap money caused by the interest rate rises along with the ATO (Australian Taxation Office) ramping up their debt collection. During the pandemic, the ATO and many lenders had a hands-off approach to arrears and debt collection, but that has now been well and truly replaced with the ramping up of legal action for arrears and outstanding debts.
You need to now ensure that your trading terms and conditions (T&C’s) have the right clauses to ensure that you will not be left without protection by being listed as an unsecured creditor. Plus, you need to have a comprehensive and effective debt management process in place. As a Barclay MIS Protect & Collect client, we will review your T&C’s completely FREE OF CHARGE and make suggestions for you to review so that you have the best feasible options for protection of your business cash flow.
Do not wait until it is too late, every lost $ is lost cash flow and net profit to your business.
Are you facing any of the above?
The above is a brief summary of the various options and should you have a specific question or situation or just a question in general please feel free to call and discuss your or your client’s situation/question.