The 4 Best Strategies to Help Your Business Survive Til 25
The latest data out from Equifax (Our credit reporting partners) is sobering news for business owners; business insolvencies are through the roof. The term “Survive til 25” has been coined to reflect the tough global economic conditions that businesses are currently facing and suggests we may have a few more months of hard road ahead.
Well, we don’t just want our clients to survive, we want them to thrive, so here are the four best strategies to help your business do just that.
1. Have the right commercial terms of trade in place
- Make sure every new client has read and accepted your terms of trade.
- Make sure your terms of trade sets out roles, responsibilities and expectations including passing on recovery costs and undertaking credit checks.
- Make sure your terms of trade are updated to reflect changes in legislation and are appropriate for your business type.
- Standardise your onboarding process to minimise the risk of new clients falling through the cracks.
- We offer a range of terms of trade products to suit businesses in all industries.
- Our business support specialists can draft the ideal contract for your business.
2. Credit check all new clients
- A simple credit check at onboarding time may help you to avoid a serial defaulter.
- We make the process easy with online credit reports that take just a few minutes to assess and rate your customers credit scores.
3. Stay on top of your late payers
- Don’t leave overdue debts ignored, as the saying goes “The squeaky wheel gets the grease” the same is true for noisy creditors getting paid.
- Use the tools built into your accounting software (like Xero and MYOB) with automated overdue invoice reminders.
- Call customers and find out why they have not paid, ask for some payment commitment, and follow up if they do not follow through.
- Offer different ways to pay to make it easier for them such as taking EFTPOS, credit card or Pay Pal.
- For larger amounts, consider breaking it up and taking payments if it means the difference of getting paid or not.
4. Use a professional debt collection agency
- Don’t delay in passing your aged debtors to a debt collection agency, we recommend no more than 90 days overdue.
- It’s easy to sign up online with us and takes less than two minutes. If you are a Xero customer, you can sign up with your Xero credentials.
- Loading your overdue invoices is as easy as ticking a box and we can pull the invoice data direct from Xero or MYOB.
- Often contact from a professional debt collection agency like us is all that is needed to get paid.
- We’ll work with your customers to achieve the best resolution and get you paid.
- Our resolution-based approach helps to keep your customer relationships intact.
Register your business with us
- It’s free to register your business
- It only take 2 minutes online
- Just click the button below and follow the prompts
- Once you are registered you will be able to load your overdue debtors to us for resolution
Get more information
Our friendly Customer Service team are available to talk through these strategies with you and help your business survive til 25!
Call us today at 1300 361 070 or fill in the form below and we will be in touch as soon as possible.
About EC Credit Control
We are a full service credit management agency that has been supporting Australian businesses for over 30 years. As a specialist in debt resolution and developing business terms and conditions of trade, we have the tools and expertise to help minimise the risk to any business that offers credit. For a free no-obligation consultation, get in touch with your local Business Support Specialist.
See what our clients are saying
EXCELLENT Based on 158 reviews Mancuso Constructions Info13 March 2025Trustindex verifies that the original source of the review is Google. Peter and the team at EC Credit Control made setting up our Terms of Trade seamless and ensured we’re protected. Great service and support—highly recommend! Blue Xplus21 February 2025Trustindex verifies that the original source of the review is Google. reliable and professional in their job. Help Me iT&D19 February 2025Trustindex verifies that the original source of the review is Google. Excellent company to deal with. Straight forward with their fee structure and they get the job done 👍 My friend recommended EC to me and it was a great outcome, will use them again. Darren Hall21 January 2025Trustindex verifies that the original source of the review is Google. We have been with E.C. Credit Control for over 18 years. We have always found them very professional, friendly and helpful in all our dealings with the whole team. I would Highly Recommend them to anyone requiring debt recovery. The whole process is very simply with them doing all the hard work with the new Terms & Conditions, Template Letters & forms They work very hard to get a great result. They keep you in the loop of what is happening and always easy to talk to. 5 Stars all the way ***** Chloe Luhrs19 December 2024Trustindex verifies that the original source of the review is Google. We’ve been working with EC Credit Control for years, and they have always been a massive help with chasing outstanding payments and sorting out any issues quickly. We recently had them update our terms of trade, and they were fantastic; prompt, detailed, and really made the process simple. Couldn’t recommend them more for credit management and support. Wayne Moore10 December 2024Trustindex verifies that the original source of the review is Google. I've used EC Credit Controls services for nearly 10 years now. The Terms of Trade supplied by them have saved me tens of thousands of dollars and stress over those years, I rarely have issues getting paid anymore! Probably one of the best services I have ever introduced into my business hands down! Highly recommend their services if you have trouble with those clients that have no intentions of paying, it weeds them out very quickly! John Boumelhem6 December 2024Trustindex verifies that the original source of the review is Google. Monika was extremely helpful and explained a lot of things clearly and professionally. I can definitely say that I have learnt a lot from her and what Monika and EC have offered my business has been great. Martin Mace5 December 2024Trustindex verifies that the original source of the review is Google. EC Credit Control, and in particular, Tanya Pascoe, have provided us with excellent customer service. Tanya was top level with our on-boarding and after-sales service, and continues to go out of her way to help with any of our queries. Jason Burnett28 November 2024Trustindex verifies that the original source of the review is Google. Highly recommend! We have been dealing with Tanya Pascoe With terms of trade, subcontractor agreements and monies owed. She is very prompt and easy to deal with. We have been using EC Credit control for over 10 years and they have never let us down. Thank you.Verified by TrustindexTrustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more