Of course debts are a natural part of business processes and not all debts can be negative, but with the growing pressure on the economy businesses are faced with stress of the domino effect of debts accruing and not being able to make ends meet.
It all carries its own burden of investment and time, furthering the debt cycle. Paying staff, wages, contractors, overheads all while working hard to keep your personal affairs in order all can lead to a constant clouded mind set that ultimately can lead to poor business decisions and outcomes.
In the essence of the aussie spirit where mateship, endurance, ingenuity, teamwork, courage and resilience come to the forefront when motivating oneself through the hard times, sometimes even the aussie spirit can be left vulnerable and needing help.
For business owners, this burden of debt collection can have a massive impact on your direct relationships, family, children and community. Most of all however this stress can lead to negative consequences for mental health.
One big illustration of this growing concern, but a light in the dark, is the recent announcement of the Federal Government committing $15 million to SME mental health support and debt counselling as these economic pressures mount.
The Minister for Small Business Julie Collins has announced that the government will direct $10.9 million towards the NewAccess for Small Business Owner program, which is operated by BeyondBlue.
The program looks to give support to small business professionals with access to mental health professionals that have backgrounds in the small business space.
This program will give Small Business owners access up to six sessions with no GP referral or mental health plan to use the service.
This will help small business own the mental health concerns raised by the debt burden of collecting on outstanding debts, however what about the cause of the problem, which are the debts themselves?
What can small business owners do to be proactive with their outstanding debts?
This is where we can help your business. We have been in the business of debt collection for over 45 years and within this time, we have worked hard to develop tools, processes and services to our clients that help in the collection of outstanding debt.
In the debt collection process, here are two areas which small business owners usually miss out on, leading to a more difficult collection effort:
- Ensuring your terms and conditions are up to date:
It is paramount to make sure before the agreement and once the invoices have been submitted that your terms and conditions are front and centre before leaving your desk or machine. These outline the specific requirements needing to be fulfilled or terms set in the original agreements. These details if missed can make it challenging legally to foster outcomes, although not impossible. This is where we can help you make the most out of your T&Cs.
- Letting the debt fall behind:
Another important point is to make sure you have a process in place that guarantees your outstanding debts are submitted to us in a timely manner in order to collect for you. There’s is always greater opportunity to strike to collect your debts when the iron is hot then following a debt trail extending years. Our online system allow you to submit your debt’s and supporting evidence which allows our team to promptly respond to any requests quickly.
We’re always here to help you protect your business, properties, assets, mitigate your losses and support you through the you processes.
If you’re experiencing difficulties in the collection of your debt and monies owed, it may be time to get in touch with Barclay MIS. We will help you through strengthening your collection efforts along with going out and getting the job done. No matter the size of the debt.
Get your terms in order today.
Be proactive into 2023 with Barclay MIS. Let us help you audit your terms & conditions.