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Free credit health checks - supporting your business

DWF Recoveries team are offering a free credit health check to existing clients.

Like everything we do in life, it is important to make sure that we are in tip top condition to function to the maximum.

Our free credit health check helps all businesses, particularly SME businesses, to work on improving their credit management skills by enhancing internal processes between departments. As part of the check we also offer a workshop for Finance Managers and credit controllers which focusses on maximising recoveries.

Increased motivation, understanding and recovery success

In motivating staff through our programme we can demonstrate that this leads to improved and tighter credit control processes and debt recovery procedures. Helping your staff to understand your customers will lead to overall improvements in the collection experience.

We will look at ways to reduce debtor days outstanding and also on-going queries and in turn limit your exposure and the risk of bad debts arising. The benefits speak for themselves. By improving credit control techniques, improving the approach to chasing debt and by tightening up the credit management processes your employees have a greater understanding of the importance of cash collection.

Developing stronger relationships and communication between the sales staff and the accounts team will lead to improved internal processes and communication. This will also help to resolve queries faster, which, leads to improved cash collection and management but will also assist with staff motivation and direction.

Features of our health check

No matter how large or small a business is the Recoveries Team at DWF has found that many do not have any basic procedures in place. In most cases, businesses allow debtors to increase and age so much that the debt becomes difficult to reconcile and ultimately difficult to collect.

Our Health Check will:

  • Ensure you understand who your customers are and what their legal entity is
  • Check the accuracy and adequacy of the information you hold about debtors
  • Establish protection through the use of Personal Guarantees
  • Ensure your Terms and conditions provide the appropriate security to you
  • Provide best practice on your engagement and contract with your customers
  • Reviewing your Retention of title clauses are effective and enforceable
  • Help you to highlight and look for signals of customer financial difficulties
  • Help to deal with bounced cheques and claw back to protect your business 
  • Show how effective credit checks and debtor profiling can help you
  • Show how to make the best use of the Late Payment Legislation
  • Ensure that you can benefit from indemnity clauses
  • How to calculate Debtor Sales Outstanding to ensure you have a reliable benchmark to your customer payment trends

Manage and enhance your cash flow

Following our guidance can also help you to manage and enhance your cashflow by:

  • Ensuring that your process for billing is effective
  • Helping you to get your invoices paid to agreed credit terms
  • Assisting you in a proactive approach to non-payers
  • Maintaining pre-action protocols
  • Ensuring an adequate and working credit policy is in place
  • Utilisation of all appropriate legislation is undertaken
  • Applying the correct levels of interest and costs

Maximise your recoveries

As part of the check we also offer a workshop for Finance Managers and credit controllers which focusses on maximising recoveries. This workshop will explore the options you have available to demonstrate how you can improve cashflow by using the right strategy in your business. This will give you the opportunity to talk about the challenges you are facing in your own organisation either during the workshop or with you on a one-to-one basis in one of our “Debt Recovery Clinics” During the workshop, for example, we can look at:

  • How to prevent non-payment or slow payment
  • The wide range of options you have available to deal with debt effectively
  • Learning about all the legal options available
  • How to become better equipped to manage your business finances in today’s challenging economy
  • Ways to improve cash flow and control costs
  • Discovering cost and price management
  • How to prepare a case for your solicitor

If you have any questions, or would like more information about our free credit health checks, please contact Neil Jinks, Director, Recoveries.

This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.

Neil Jinks

Director

I am a Director within the recoveries team at DWF. I have over 25 years of experience working in law firms, the credit industry and High Court enforcement sector, managing and developing debt recovery operations and client relationships.