When running a business, good cash flow and profit can be dependent on your customers paying on time. This allows to you pay staff, suppliers and other outgoings on time. Unless the business has a very large cash reserve you need to think about how you are going to pay all your expenses when unexpected things happen.
When a customer fails to pay or become insolvent it can have a disastrous effect on your business. It is not only the amount of bad debt, but the costs associated with collecting it.
What are your options?
Win the lotto?
Get a loan to pay back the bills?
Close up Shop?
Or get Trade Credit Insurance to inject funds back into your business?
Knowing your bad debts can be sorted in an unexpected emergency will allow you to expand your business with confidence and peace of mind, especially, as most banks will recognise Trade Credit Insurance as security when providing financing. Your shareholders and partners will also be happy as their assets are being protected and they will not have to worry if their financial obligations are being met.
Contact us for further insights on how we can assist you to protect your business.