Credit Control for a dying business
- Denise O'Gorman
- Jan 4
- 3 min read
Background
A mid-sized manufacturing company based in Ireland was on the brink of collapse. The business, known for its innovative products and loyal customer base, was struggling to maintain cash flow. Sales were consistent, but overdue invoices were choking their finances, leaving them unable to pay suppliers, staff, or meet operational expenses.
The company’s internal credit control team was overwhelmed and lacked the expertise to handle complex debt recovery. As unpaid invoices piled up, the managing director sought urgent help. That’s when they reached out to Remedy Credit Control Solutions.
Challenges
Overdue Invoices the business had over 60% of its invoices overdue, with many exceeding 120 days past due.
Inefficient Processes: The internal credit control team lacked a clear system for following up with clients.
Damaged Relationships: Poorly handled credit control efforts had strained customer relationships, risking future sales.
Cash Flow Crisis: With no immediate cash influx, the business faced the risk of insolvency.
Upon engagement, Remedy Credit Control Solutions took immediate action:
Comprehensive Audit: Remedy conducted a full audit of accounts receivable, categorising debts by age, amount, and debtor risk.
Tailored Recovery Plan: Remedy implemented a strategic recovery plan focused on high-value and long-overdue debts while safeguarding customer relationships.
Professional Communication: Using diplomatic but firm communication, Remedy reached out to debtors, ensuring professionalism in every interaction.
Client Testimonial
"We were at the edge of a cliff, and Remedy Credit Control Solutions pulled us back. Their expertise, professionalism, and results exceeded all expectations. Today, our business is thriving, and our cash flow is stronger than ever.
By partnering with Remedy Credit Control Solutions, this business not only survived but is now thriving in a competitive market.Background A mid-sized manufacturing company based in Ireland was on the brink of collapse. The business, known for its innovative products and loyal customer base, was struggling to maintain cash flow. Sales were consistent, but overdue invoices were choking their finances, leaving them unable to pay suppliers, staff, or meet operational expenses. The company’s internal credit control team was overwhelmed and lacked the expertise to handle complex debt recovery. As unpaid invoices piled up, the managing director sought urgent help. That’s when they reached out to Remedy Credit Control Solutions. Challenges Overdue Invoices the business had over 60% of its invoices overdue, with many exceeding 120 days past due. Inefficient Processes: The internal credit control team lacked a clear system for following up with clients. Damaged Relationships: Poorly handled credit control efforts had strained customer relationships, risking future sales. Cash Flow Crisis: With no immediate cash influx, the business faced the risk of insolvency. Upon engagement, Remedy Credit Control Solutions took immediate action: Comprehensive Audit: Remedy conducted a full audit of accounts receivable, categorising debts by age, amount, and debtor risk. Tailored Recovery Plan: Remedy implemented a strategic recovery plan focused on high-value and long-overdue debts while safeguarding customer relationships. Professional Communication: Using diplomatic but firm communication, Remedy reached out to debtors, ensuring professionalism in every interaction. Client Testimonial "We were at the edge of a cliff, and Remedy Credit Control Solutions pulled us back. Their expertise, professionalism, and results exceeded all expectations. Today, our business is thriving, and our cash flow is stronger than ever. By partnering with Remedy Credit Control Solutions, this business not only survived but is now thriving in a competitive market.
Skills: Accounts Receivable (AR) · Credit control management · Negotiation · Customer Relationship Management (CRM) · Professional Services