London, UK -- (ReleaseWire) -- 10/05/2016 --Choosing the right professional debt collection agency and having a tighter control over debt can avoid a business going bust.
UK Debt Collection News (http://www.ukdcnews.co.uk/), a leading online publication bringing all the latest news regarding the debt collection industry has said it is important to collect outstanding debts and use the right professional debt collection agency for positive results.
The recent financial crisis affected the small business owner more than established larger multi-national businesses. Even though debt is a serious problem in the UK business world, it's the small business owner that is more at risk, and therefore it's that sector that needs to use important tools to avoid debt and the consequences it brings. One of the most important tools at hand to avoid debt and recover money owing is a professional debt collection agency.
It was recently reported that 53 per cent of small businesses in the UK are owed money from late payments, with an estimated total debt of £255 billion. However, due to the lack of credit control management, 40 per cent of businesses don't know how much they are owed. Late payments and debt have become a serious problem, a problem that is forcing businesses to close down. With 96 per cent of small businesses going bust within the first ten years of business it's important that stronger credit control practices are put into place, and debt collection agencies are used to quickly recover the debt and plow that money back into the business to avoid being another statistic.
A spokesman for UK Debt Collection News said: "£5.8bn has been written off by small businesses, money that should have gone back into the business. One of the biggest problems small business owners face is not knowing how to recover debt, and that is where a professional debt collection agency comes in."
A professional debt collectors agency can deal with the debt from start to finish. They can deal with all the correspondence between the debtor and the client, removing wasted time small business owners face in trying to recover a debt. Debt collection agencies are becoming a vital tool to small business owners, and with their success rate in collecting debts, they are helping to boost small businesses profits.
When choosing a debt recovery agent to recover a debt, it is important to choose the right company. A bad company can cause a business more problems with little or no results, while a professional and effective collection agency can become an extension of a small business and help them achieve positive results in the shortest possible time.
"It is important not to ignore debt and instead to hire a debt collection agency and recover what is owing quickly and professionally," said a spokesman for UK Debt Collection News
To learn more about the benefits of working with a professional debt recover agency and how they can help keep the cash flow running, please visit http://www.ukdcnews.co.uk/
About UK Debt Collection News
UK Debt Collection News is an online publication that brings all the latest news regarding the debt recovery industry. They have become an authority in the world of debt collection and publish all the latest news and advice.