For both businesses and individuals, 2021 looks set to be a challenging economic environment. Without question, the end of the furlough scheme, business rate breaks, and the start of bounce back loan collections will cause some businesses to fold and lead to a loss of employment. Companies and consumers who have never defaulted on payment are potentially going to find themselves in a position when they literally cannot find the means to pay. Whilst, many businesses may well need every penny possible through the door in order to survive.
Outlined in this article are 5 steps to enable an in-house or outsourced credit and collections team to find the balance between the needs of both customer and company and deliver a collections strategy that is simultaneously sympathetic and effective in this post-Covid-19 world of debt recovery.