Just five weeks to get paid!
That’s right, June 30 will be here in just over five weeks. And considering what our economy has endured natural disasters and COVID-19, this will be an EOFY like we’ve never seen before. With so many businesses of all sizes financially affected, it’s imperative that you take action now to collect outstanding invoices so that your cash flow and the viability of your business is protected.
The stats say it all.
The latest data from CreditorWatch’s Small Business Risk Review paints a grim picture when comparing Q1 2019 to Q1 2020:
• A 4% increase in payment defaults nationwide
• Payment times continue to slow, with businesses in the Retail, Transport, Postal & Warehousing, and Professional, Scientific & Technical Services industries the worst offenders
• A 17% increase in external administrations across the country and this looks set to rise even further in coming months
Time to get cracking and collect those debts
Despite the recent legislative changes to insolvency laws, you are still entitled to collect a debt, and your debtors still have a responsibility to pay it. Optimum Recoveries can act on your behalf to ensure you have the best chance of getting paid. If a debtor is genuinely struggling, we can negotiate fair and reasonable payment terms such as weekly instalments or settlement discounts. We can also help if a debtor is unfairly using the current situation to wriggle out of paying what they owe by asking them to provide a statement of financial position. It’s been interesting to see just how many businesses have paid in full when we have requested this on behalf of our clients!
What to do now
Talk to Optimum now about how we can help recover your debts by June 30. We can also review your terms and conditions to ensure that your business is protected moving forward as the economic situation is likely to worsen.
We’re standing by to get you paid by June 30. Contact us now!