The new tax year has arrived and we want you to get to grips with what to expect. Usually, the government change a few rates and regulations at the start of April, but this year there are a number of changes coming up
We all know the difficulties of debt recovery. To make it a little easier for small businesses, here at Lawton Hathaway we have some tips on procedures to ensure successful collect.
Practising good credit management can stop things from getting to the point of having to take legal action or put pressure on your clients.
Research has found that one in three (32 per cent) businesses are reluctant to chase bad debt.
Research from Experian has shown that there is a worrying lack of credit awareness and bad debt protection amongst the UK’s small and medium sized businesses.
Good cash flow is essential for any business to survive and flourish and never more so than for SMEs. Whether you are a sole trader or a limited company, if it is not monitored carefully there will be problems. Getting robust procedures in place will reduce the risk of being forced to write invoices off completely and start debt recovery proceedings.
We work with a variety of different companies in a number of different ways. We’ve picked out a few of case studies that we’d like to share with you to show Lawton Hathaway’s versatility.
Our client a drinks distributor employ Lawton Hathaway to manage their invoices and confidential credit control. We provide a full time Credit Control resource and Credit Management advice. Our results have resulted in a reduced Credit Insurance limit exposure and a protection of their Confidential invoicing obligations. Our team works with our clients customers to ensure prompt payment , resolve queries and ensure the smooth running of the Accounts Receivable function. Our client have the confidence that their receivables are in good hands with their cash flow and customer relationships protected.
Recovering Defaulted Loans
Our Client a leading Alternative lender employ Lawton Hathaway to recover defaulted loans. In this instance we were instructed to recover two outstanding balances owed by Directors under personal guarantees. Our client wanted to avoid expensive legal costs so our brief was to maximise recovery through mediation approach. Following various discussions with both the directors and their legal advisors we negotiated a settlement of 50% of the liability with recourse to legal.
Recovering Overpaid Wages
Our client a leading PAYE umbrella company employ Lawton Hathaway to recover overpaid contractor wages. In this instance a substantial overpayment was made to the contractor. Lawton Hathaway where instructed and made contact with the contractor on the same day. As is typical the funds had been spent but a repayment plan was agreed and the debt paid back in full within 3 months.
Need some advice or want to improve your businesses cashflow? Contact us at Lawton Hathaway today 0161 441 0850
Christmas is a time for giving but don’t let your generosity sink you into debt. Our top tips will help you stay out of debt this Christmas
It’s very easy as a small businesses to focus on making sales and profit, but this is only part of the picture.
We caught up with our Managing Director, Daniel Hill and Business Development Director Peter Gent, to talk about the start-up of Lawton Hathaway, the industry and why Daniel and Peter give Lawton Hathaway that extra edge from its competitors.
The Birth of Lawton Hathaway
Daniel Hill and Sonny Arora started Lawton Hathaway in 2009. Dan recognised a shift in the debt recovery market towards business process outsourcing (BPO) and a gap to provide outsourced credit management solutions. Having presented the idea to Sonny Arora, they agreed there was an opportunity and then set a course to enter the up and coming market.
Lawton Hathaway made an immediate impact in the industry and fast became preferred supplier in its field for the CMC’s (Claims Management Company) industry. Lawton Hathaway picked up contract after contract to operate a “shared services call-centre” outside of Manchester performing collection tasks on a white-labelled basis for its clients, seeing a record £72 million collected in 2012. The speed of the growth was recognised by local MP Graham Brady who was more than happy to open Lawton Hathaway’s new offices based in Altrincham to accommodate the growth.
Why is this type of company so important?
Debt recovery is one of the oldest industries and whilst its purpose fundamentally have never changed, the principles of collections have. Gone are the draconian days of vilification for being a debtor and instead the DCA’s (debt recovery agency) have to come to an amicable and affordable solution to its client’s customers in order to maximise collection rates. With a little help from modern technology the Debt recovery industry is as important today as it ever was. Without such companies the economies throughout the world would fail as companies and individuals face tougher rules on collection practices as the emphasis has moved towards helping debtors.
What makes Lawton Hathaway different?
Our USP is that the Senior Management are very hands on with both strategy and performance, we do not leave thing to systems but actively monitor work at case level for our clients. Although we specialise in White Label Confidential Collections our experience is brought to bear across a range of solutions and sectors.
In good hands
It is vital to hire the right team for the job. Daniel and Peter are industry leaders and possess the knowledge, experience and passion to providing their clients with a first class service.
Daniel has worked in various roles with a credit control environment in industries including Claims Management, Logistics, Petrochemical, Retail and Manufacturing. He also gained experience in the medical industry as a joint founder of Clinical Options Ltd which set out to provide consumers a choice within the medical tourism industry. Dan’s real forte came when setting up new credit control departments for new corporations and companies searching to upgrade current cash flow operations, which were stuttering and needed to be brought into the 21st century. Dan’s knowledge of the technology available in Credit Management helped a claims company become one of the most profitable and largest of its kind during his tenure.
A family man with over 20 years of cash flow management, Dan exercises an entrepreneurial spirit, which exists today having also opened and sold other business since Lawton Hathaway’s inception.
Peter Gent is a industry expert with 26 years Credit Management experience working with the banking and Chemical Industries. For the past 11 years Peter has worked for a number of Credit Management /Debt Recovery companies both in the B2C and B2B environment. Peter specialises in developing close client relationships, finding recovery solutions for his clients and the implementing these in a timely manner. Additionally Peter acts as Chair of the Chartered Institute Of Credit Managers North West Branch.
Apart from all this, Peter’s real job role is being a family man, spending most weekends acting as taxi service to his two daughters!
If you need advice or want to speak to Daniel or Peter on how Lawton Hathaway can help you
Simply call us on 0161 441 0850, or