We're already starting to see warning signs for significant challenges ahead. Several leading brands have been reporting their figures over the last few weeks and many have disappointing results.
It doesn't get any easier this time of year. Only this week we've seen the Carillion crisis hit the news headlines. Looking at this report from ICAEW last year I fully expect to see further pressure on companies to reduce costs and agree another credit crunch is likely to happen by 2022.
Cash collection has always been important for businesses, however often other projects can take priority as existing systems and processes often work OK. Its now time to look at this again and ensure your business has the best possible tools and team in place to ensure you don't get overwhelmed with managing bad debt issues in the coming years.
Well, the vast majority of the experts (91%) expect an increase in the rate of UK consumers defaulting on repayments and 61% said tightening lending criteria would shore up financial stability over the next year.