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With the election results resulting in a hung parliament the voters are now seeing the politicians trying to make deals either for Labour to stay in power or for the Conservatives to take over power, with the Liberal Democrats holding the key cards. This fluid situation seems to have rattled the stock markets and the longer it lasts the worse the fears could become. For small businesses who are still suffering because of the financial downturn, which is still going on, this really makes their chances of obtaining financial support from the finance houses even more difficult. Where a small enterprise is owed money by a large enterprise for work done or products supplied, they find themselves with an overdue bill and no fixed date for payment. Once the bill goes past its agreed payment date the small enterprise would speak with the large enterprise to get an update on the payment situation, but if this has resulted in delaying tactics then the small enterprise could well examine their Debt Collection paths.

Their first plans for a Debt Collection solution could be the more traditional methods of lawyers or Debt Collection agencies, but if cash is tight the small enterprise could find that the costs of 10% to 20% of the final bill value plus expenses, is rather high. What could not be so noticeable is the DIY approach of Debt Collection Software, where the small enterprise could need to budget between £40 and £100 or so to get a quality[/spin] Debt Collection Software suite, so cost wise this has to be much cheaper than the traditional Debt Collection options. Clearly the small enterprise will have to ear mark adequate resources to allow them to get the best out of the Debt Collection Software suite. By far the most important resource is the workers, those who will administer the suite and those who will create the Debt Collection Letters. The administrators ought to be ICT literate but in this day and age that must be no problem, but those who create the Debt Collection Letters will need a good command of English, which could be a problem because of the texting used on mobile phones, which could have distorted what is good and what is bad English. The Debt Collection Letters are at the crux of the Debt Collection procedure and must be composed with care because they are the main communications medium between the small and large enterprise and any spelling or grammatical errors can at least hamper the Debt Collection procedure and at worse ruin the professional relationship between the two businesses.

To assist the small enterprise, the Debt Collection Software ought to come with a set of instructions that will explain the Debt Collection procedure in some detail so that they can get to know how it works and what they have to do to make it work. There ought to be a detailed section on Debt Collection Letters so that those workers who will be writing them have as much information and guidance as possible. There ought to be full explanation of current legislation that they can use and also it would be very useful if there were some examples of phrases that Debt Collection agencies use. All of this and the selection of the right workers writing good quality Debt Collection Letters and storing all of the information in the Debt Collection Software system ought to ensure that the small enterprise gets the bill paid by the large enterprise and also gets future bills paid on time.

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