Brendon Adams, owner of Laser Electrical Blenheim, is a true renaissance man, balancing a life as a business owner, a family man and a keen sportsman. With so much going on in his life both inside and outside work, the last thing Brendon wants to do is chase up debtors. That’s why he uses CreditorWatch Collect.
Super results, super fast
Historically, Laser Electrical Blenheim had struggled with slow-paying customers, to the point where too much capital was tied up in debt. But after a year of using CreditorWatch Collect, Brendon has witnessed a near-miraculous turnaround, with 100% improvement in debt recovery for the first month alone.
To make it even more impressive, a year ago, Laser Electrical Blenheim had well over $200k of outstanding debt. Currently, that sits a little below $100k. Just imagine having an extra $100k to put toward core business activities and investments that you would usually write off.
CreditorWatch Collect also shone a light on some of the reasons behind the lagging payments: a high percentage of people weren’t paying simply because they had a question about their account.
“In the past”, explains Brendon, “most of these customers never contacted us to discuss their issues, they just simply didn’t pay. We only found out once we rang them manually to chase the debt”.
Customers with queries now find it easier to ring Laser Electrical Blenheim straight away, instead of Brendon and the team making contact to ask for payment. Direct contact usually would have occurred well down the track when the team had time to do a follow-up phone call.
Implementing CreditorWatch Collect means that adjustments to accounts are made in a more timely manner, customers get a clearer idea about their statements, and payments are more likely to be made.
Naturally, there will always be people who don’t pay on time. But the way CreditorWatch Collect has been incorporated with Laser Electrical Blenheim’s Xero account means that it’s simple to get payment data on specific customers, take note of who has become a serial debtor and efficiently deal with those people in an easy way. With CreditorWatch Collect, all the information they need is only ever a couple of clicks away.
The future is bright
Laser Electrical Blenheim now has a part-time freelance debt collector. She takes a load off Brendon’s shoulders as far as work goes, and with CreditorWatch Collect she can access all the information she needs to do her job, at any time.
“CreditorWatch Collect has given me more time to do what I do best”, says Brendon. “Collecting debt was not what I signed up for”. Not only is Brendon a happy user of CreditorWatch Collect, but he is a strong advocate for others to give it a go and experience cost cutting.
“I had the opportunity recently to speak in front of the entire Laser Group about our experience with CreditorWatch Collect”, he says. “There were well over 500 delegates at our international conference from New Zealand and Australia. For me it was an easy sell. The numbers don’t lie”.
- Date May 20, 2015
- Tags Trades