I had a meeting way out past Windsor at Wilberforce last month with an existing client, Joe. Joe works in steel fabrication, and wanted to discuss drawing up Terms of Trade to improve his position to minimise & prevent any debt recovery. Joe has been operating out of Wilberforce for the last 20 years and mentioned to me he has seen a significant spike in the number of debts he has had to write off over the last 12 months – the majority within the local Hawkesbury Shire region. As a result Joe decided it was a good time to look into what he could do as a preventative measure.
After assessing his current Terms of Trade it was obvious to me why Joe was having limited success with debt recovery. His existing Terms of Trade gave him no leverage over his debtors. There were no consequences for non-payment and every time Joe had to go down the debt recovery path he was having limited success. His debtors were not concerned about what Joe could do to them if they did not pay the debt. He was essentially walking into a gun fight with a tooth pick! They were almost daring Joe to take them to the local court house in Windsor every time he chased one of them for payment.
I have now helped Joe implement up-to-date Terms of Trade for the future to solve this situation. Therefore every time he goes down the debt recovery avenue in the future he'll be prepared for a gun fight with a loaded hand gun instead of a tooth pick. I wouldn't want to be one of Joe's debtors in the Hawkesbury Shire region in the firing line moving forward!
If you are a local business in the Hawkesbury area, or for that matter anywhere in the Greater West from Blacktown to Penrith Valley Shires area, Windsor and beyond, and are having similar issues with bad debts and getting paid give me a call and we can sit down and discuss how EC can help.