Key steps for business owners to navigate debt collection

Stephen Coppinger, solicitor, outlines the main considerations for any business around structuring debt collection

It is highly advisable that you send a quotation before you begin any works for a client and ensure that the quotation is agreed with your clients. Picture: iStock

If you are operating a business, it is important that you have systems in place in respect of debt collection.

Cash is necessary for the financial wellbeing of every business and if customers or creditors of a business are not paying on time or refusing the pay, the business will be under immense pressure and business will struggle to survive without sufficient cash flow to meet its expenses and debts.