Commercial law firm Muckle can help you chase unpaid debts
FINANCE
Debt specialist – Muckle ’ s Colin Churchward says many firms need help chasing unpaid debts .
How late is too late ?
Commercial law firm Muckle can help you chase unpaid debts
When it comes to chasing payments , small businesses typically spend more than a week each year pursuing what they ’ re owed . With more than a third of businesses being hit by payment delays , the impact on growth and innovation can be significant .
North-East commercial law firm Muckle LLP is pushing against this trend , working closely with businesses in the Tees Valley to ensure they keep a finger on the pulse of late payments , create strategies to deal with them , and help avoid lost income .
Once described by prime minister William Gladstone as an “ infant Hercules ”, Teesside has long been renowned the world over for its industrial strength and entrepreneurial spirit .
A leading destination for manufacturing , engineering , digital and life science companies ( to name but a few ), the five boroughs that make up the Tees Valley are rightfully seeing a business boom . Helping it continue such progress is Muckle LLP , which is using its experience and knowledge in debt recovery to ensure that the trend continues .
Gladstone ’ s words are as true today as they were in the 1860s , with the region ’ s business community consistently at the forefront of innovation . Organisations from outside the region are being attracted by Teesworks and Teesside ’ s freeport status . In addition , the government ’ s recent announcement of the Tees Valley Investment Zone , bringing with it a £ 160m-cash injection , will boost digital and creative industries and is set to create over 2,000 jobs in the next decade .
In the midst of all this investment and growth , the significance of maintaining a healthy cash flow cannot be overstated .
Colin Churchward , partner in Muckle ’ s debt recovery team , says the firm is seeing an increased demand for its debt recovery services , with businesses struggling with cash flow due to late payments :
“ Late payments are very common ,” he explains . “ It can be tempting to give in and accept it as part and parcel of doing business , but it doesn ’ t have to be .”
The government estimates that paying businesses on time could boost the economy by £ 2.5bn annually .
Colin has a long history with the region , cutting his teeth in debt recovery as a paralegal supporting Teesside businesses and completing his qualifications at Bede Sixth Form College , in Billingham .
“ As a business , we ’ ve helped numerous organisations across the region move forward . Everyone at Muckle lives in the North-East , is enthusiastic about the region and wants to see it thrive . We ’ ve got real capability in debt recovery ; our team includes people with a lot of different disciplines which allows us to provide an expert approach ,” says Colin , who himself specialises in providing public and private sector organisations with advice on debt recovery strategy and risk management .
“ Our clients tell us that chasing customer payments is a significant distraction from their businesses ’ day-to-day running . But now isn ’ t the time to be complacent . Your customers will likely have multiple creditors . Businesses that are proactive with their debt collection will see their invoices paid first .
“ If you ’ ve already asked for payment but have not received it , then warned you ’ ll escalate and still have not been paid , then you need to seek help . Using a professional service to collect payment will save you time , money and resources .”
“ With the right invoice recovery strategy in place , it ’ s easy to take back control .” Muckle ’ s legal expertise can make invoice recovery fast , efficient and , most importantly , compliant .
Colin says : “ We ’ re able to quickly assess your outstanding invoices , make recommendations and help you apply compensation , late fees or interest to the debt . We ’ re professionals , so you don ’ t have to worry about a heavy-handed approach damaging your client relationships .”
Debt collection is becoming ever more sophisticated , with technology speeding up the process , using insights to find the best way to recover monies owed .
Muckle is leading the way in debt recovery with its easy-to-use online tool – Muckle Collect . Its online portal allows businesses 24 / 7 access to submit and manage outstanding debts . This makes it easier than ever to log each invoice , agree on a strategy for recovery and track progress – either for a fixed cost or on a ‘ no recovery , no fee ’ basis .
If you want to explore how Muckle can help support your business , please contact Colin Churchward at colin . churchward @ muckle-llp . com .
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