Last week I called on a fencing contractor in the Illawarra area to find out how his business was running and discuss the recent introduction of the Personal Property Security Act (PPSA). Lance is from a well-run, third generation family business, supplying and installing fencing products.
I was greeted to a warm welcome and our discussion was a general view of business, how implementing terms of trade into his business had improved cash flow and the importance of PPSA to his business. When we had first met Lance over five years ago he had his fair share of slow payers affecting his ability to get paid. EC was initially able to recover some of the outstanding debts owed to Lance’s business, which was an immediate priority at the time. We were also able to assist Lance by implementing Terms of Trade documentation designed to protect the future cash flow of his business.
Since implementing Terms of Trade documentation Lance told me that, five years on, he has not had any further bad debts that he needed EC to recover. In addition, one of the debtors we had recovered money from previously on behalf of Lance had since called him to get our details as he needed EC’s help recovering bad debts himself!
Another successful outcome for EC and a happy client in Lance!