Many parts of the world are in recession or on the brink of recession right now. There are indications that the economy will continue to be weak, for how long, nobody knows yet. We could guess when the turn around will be, but from now till then, many more companies would go under. Isn't it scary that hundred year old banks could collapse just like that?
Smaller businesses which are not as exposed aren’t having an easier time either. It's just like a disease that has spread to many sectors of the economy, damaging the economies of many countries.
I personally know of friends whose companies are in debt, but on the other hand, I have friends who have problems collecting bad debt. There was a guy who supplied chicken, fish and prawns to a restaurant but couldn't collect payment after months, running the bill up to five figures.
This friend had to resort to hiring a Collection Agency to deal with the debtor because he felt that he did not have the time, energy and even persistency to continue chasing for payment.
Besides, he still has a business to run and realized that by outsourcing debt collecting, he could better concentrate on his business.
Smaller businesses which are not as exposed aren’t having an easier time either. It's just like a disease that has spread to many sectors of the economy, damaging the economies of many countries.
I personally know of friends whose companies are in debt, but on the other hand, I have friends who have problems collecting bad debt. There was a guy who supplied chicken, fish and prawns to a restaurant but couldn't collect payment after months, running the bill up to five figures.
This friend had to resort to hiring a Collection Agency to deal with the debtor because he felt that he did not have the time, energy and even persistency to continue chasing for payment.
Besides, he still has a business to run and realized that by outsourcing debt collecting, he could better concentrate on his business.
0 comments:
Post a Comment