The UK Economy Is Growing Says The BCC So This Should Be A Positive Sign For A Small Enterprise Awaiting Payment Of An Late Bill.

Posted by Credit expert

July 25, 2010

The British Chambers of Commerce (BCC) carried out a survey of 5,600 British enterprises recently and has shown growth of between 0.6% and 0.7% for the three months to the end of June. They did have some problems though, for long term recovery and also for recovery in the service sector. Manufacturing was performing better but many areas have saw reduced profits because of an increase in raw materials costs, up to 80% in some cases, however manufacturing exports increased to their highest level for four years which was largely attributed to the favourable exchange rate.

If a small enterprise has been waiting for an late bill to be paid they might well see these figures and be hopeful that the large enterprise, which they have completed contracts for or provided equipment to, is now in a position to pay the bill. If they make contact with the large enterprise to discover and don’t get a positive outcome they might well feel that they are being made use of and need to do something about it. This might point them in the direction of Debt Collection, but this is when some difficult decisions need to be made. The small enterprise will have to find out about their Debt Collection strategies and will no doubt come across many typical Debt Collection strategies such as solicitors and Debt Collection Agencies, but the present recession seems to have seen a rise in their numbers and this might mean that some either inexperienced or possibly unprofessional Debt Collection Agencies or solicitors are touting for business. The risks for the small enterprise might range from outrageous fees to ruining the business relationship the small enterprise might have nurtured with the large enterprise, which might lose them future work.

Their investigations should, at some point, lead the small enterprise to a DIY option of Debt Collection Software. This will allow the small enterprise to take on the Debt Collection project with their available resources and so have control of communications with the large enterprise. However, they will have to ear mark their own resources of members of staff and time if they are to make the Debt Collection Software package work for them. Their investigations into Debt Collection Software packages should extend to the user guide or online resources as it might well be the case that the small enterprise has little or no experience of Debt Collection. Any user guide based or online tuition should explain how the Debt Collection process works, especially the role of Debt Collection letters since these are at the centre of the Debt Collection process. The members of staff ear marked to create the Debt Collection letters should have a good knowledge of English and there should be no spelling or grammatical issues in any Debt Collection letters sent to the large enterprise as this might disrupt the Debt Collection process and put the small enterprise in a bad light.

The cash savings can be significant since Debt Collection Agencies and solicitors charge around 10% to 20% or more of the bill value, while a decent Debt Collection Software package costs around

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