Christmas Credit Control Guide for 2022
15th December 2022
As it is the season of giving, DCBL have gift wrapped this Christmas Credit Control guide to help you through the winter months.
It is no secret that managing money and cash flow as a business can be especially challenging around the festive period.
Additionally, the recent cost of living crisis will no doubt have had an impact on many businesses this winter. The more money that will be spent on gas and electricity creates a higher urgency for these businesses to get paid on time.
In the winter months, and more specifically the lead up to Christmas, companies may see more and more goods or services not being paid for as others prioritise Christmas spending over paying their invoices.
Understandably, this is due to the fact that businesses provide services to individuals as well as other businesses.
As the underlying pressure of buying presents and every other spend that is involved with Christmas rises, individuals may be more likely to prioritise this over payments owed to your business.
It is beneficial for business owners to be proactive and plan their credit control measures prior to Christmas to mitigate build up on their cash flow.
Communicating with your debtors to find out why your invoices keep falling to the bottom of their priorities will put you back to square one on getting paid.
Communications Should Be Made Early on and Frequently
Communication can, in most cases, be the deciding factor whether or not a problem gets solved. In the case of money being owed, this is very much a reality in a lot of situations.
Maintaining an open line of communication with your clients can be a catalyst for ensuring payments are paid on time and no debts are accrued.
If you provide goods or services to a client before the Christmas period, it is recommended that you follow up promptly after you have requested the payment. This is important considering the Christmas holidays are approaching.
It’s wise to bring this up with your clients and to suggest alternative dates or processes to get payments made early to sidestep any potential disruption for mutual benefit.
Instruct DCBL Sooner Rather Than Later
Chasing clients for overdue payment and unpaid invoices can be more disruptive to your business than usual leading up to the festive period, as you may have staff on annual leave or offices closed entirely.
By quickly passing any outstanding debts to a debt collection agency like DCBL, you show your debtors that the matter is not being taken lightly and give them that extra push to encourage them to pay up.
Our professional, ethical approach gets great results whilst protecting your client relationship.
In the unlikely event that your debt recovery case should require legal action, this can be transferred to our sister company, DCB Legal.
DCB Legal are one of the largest litigators in the UK, collaborating with both individuals, SMEs, and national businesses to help recover debts and CCJs.