Are your credit management and debt collection strategies relevant and robust for 2021? Download our report on the key industry trends for 2021.
Following a tumultuous 12 months, there look to be some considerable challenges and opportunities facing the UK debt collection industry. Although the general consensus from economic experts is that the global economy should bounce towards the second half of the year, it may well be too late for many businesses. The McKinsey report “COVID-19 and European small and medium-size enterprises: How they are weathering the storm” published in October found that over 50% of European SME’s have significant concerns over whether or not they will survive the next 12 months whilst a Begbies Traynor report suggests that half a million UK businesses are at risk of collapse.
Many companies and consumers, who have never once defaulted on a payment, are going to find themselves in a position when they literally cannot find the means to pay. Whilst for many businesses maintaining cash flow by optimizing collections will be critical to survival.
In this challenging economic landscape ensuring you have a robust and relevant credit management and debt collection processes in place will be critical. Outlined in this report are 8 of the key industry trends we predict will be seen in the new normal of 2021.