How Debt Collections Turned My Business Around.

Any business owner in today’s day and age would be fully aware of the enormous amount of time, effort and money to run a successful and thriving company. I have been running my architecture business for morae than 11 years and have built up an impressive portfolio with many clients. My passion to design homes […]

Any business owner in today’s day and age would be fully aware of the enormous amount of time, effort and money to run a successful and thriving company. I have been running my architecture business for morae than 11 years and have built up an impressive portfolio with many clients. My passion to design homes and business structures started from a very young age as I was always intrigued with the aesthetics of buildings. Debt doesnot to mention my love for precision drawing had also played a major role when it came to choosing my profession.

Before opening up my own business, I was working for an architecture firm for about 5 years before I decided to leave. The main reason I was compelled to start my own architecture business was because I fell in love with the idea of creating without any boundaries or limitations. The architecture firm I was working at always had specific guidelines that were there to be exactly followed which inhibited working with my own touch and flare to the designs. At first, debt this did not bother me so much as it was a new experience for me as I found that working in a team and collaborating was actually something I really enjoyed. It was this element of working for an architecture firm that had kept me going for so long.

But after a while, I had decided that I had much more to offer as an architect and that my original plans and debt ideas needed to be put out there and shared with the world as a home or building. It was a scary thought, running the plans and executing the jobs on my own. But apart from that, the thought of actually running my own business was quite an intimidating thought. I immediately began to do my research and came across a host of successful business coaches which helped me clarify what I was looking to achieve by setting up my own architecture business and what it took to help my company stand out and clearly state what was on offer for prospective clients.

The newly gained knowledge had allowed me to build up my confidence and take the first leap of faith and set up my first business. A couple of years down the track, I had landed a great project that required me to design the original plans for three new residential estates in multiple locations. You may be able to imagine my excitement and sheer eagerness to start the project as soon as possible. I had finally been given the opportunity to let my debt  ideas of design and layout shine and standout not in one, but three different locations. My career was beginning to ramp up with debt and I was getting more and more projects sent my way through highly satisfied clients who had referred me. However, this did not mean all the news was good.

Overdue invoices. Yes, you read that correctly. Overdue invoices are like poison to any business, as it means that you are essentially working for free (which was definitely not part of the agreement). Over the years, I had found that the more clients I ended up taking on, the more overdue invoices I would encounter. It was like an inevitable part of business that was highly detrimental to all of the ongoing costs that needed to be taken care of in order to sustain my business. Now, I understand that not every individual or business can pay their invoices on time, and because of that I usually allowed a few weeks to slide. This was also great for the relationship I had with my late paying clients, but there must be an end to any favour. And favours in business are not always going lead to something positive such as relationship building.

This is something I had to learn the hard and painful way about debt. There is an experience of mine that I would love to share with my readers to serve as an example of what not to do when faced with similar situations like the one I am about to tell you about debt now. The company which had contacted me for my architectural services for the new residential estates were great at the beginning, with regular invoices being paid as a result of my ongoing projects. The time, energy and effort I was putting into these layouts was phenomenal, and it was something that I was really enjoying about debt. I was able to pay the bills, uphold my lifestyle and sustain my business all at the same time.

After a few months however, I was beginning to feel the strain and pressure of all the costs that were coming my way. As my business grew, so did the expenditure and demands which was a large reason why it was absolutely crucial that I get paid for all of my services on time just like clock work. I was noticing that the company that had contacted me for my designs was starting to hold off on the payments. They were either extremely late or not paid at all, which was extremely concerning. This was something I needed to get sorted right away before it became an issue that was able to make its way into my personal life and impact it greatly. For the record, I am a happily married women with 3 children (which is like running another business!)

Up until this point, I was starting to think that I had the whole “full time working mother of 3” under control and in the bag, which I did until debt  unforeseen circumstances completely out of my control came up. The company that owed me for the outstanding invoices were not answering my calls, and almost felt like they were avoiding me in order to duck any kind of responsibility. Irritated and annoyed, I tried to contact my other clients who also failed to pay their invoices on time and was faced with a mixture of reactions. Some of my clients were highly apologetic and stated that they were facing financial hardship and therefore needed an extension of payment. Although this was placing me under more and more pressure, I had agreed to give them a week long extension in order to help them out and keep the client relationship going strong.

However, some other clients, including the company responsible for the residential estates were extremely rude and unapproachable. What do I mean by this? Basically, I was either faced with a range of insults or excuses as to why the payment was not made (apparently, my services did not meet their requirements) and that I should forget about the invoices. This had managed to infuriate me and make me feel hopeless all at the same time. Later that night, I came home and was in tears when my husband asked me what was wrong. I finally built up the courage to tell him the situation and he immediately asked me why I did not consider seeking the help of a debt collecting company.

He then told me that in situations where clients do not pay, it is the most fastest, cost effective and painless way to collect outstanding invoices professionally. At first, this idea terrified me as I did not want to cause any kind of trouble or create more friction between me and my non paying clients, but I could not hold off getting the payments any longer. The very situation of my clients not paying me on time caused me to also miss the due dates of my bills that had to be paid for both my business and my home. It was like a vicious cycle that I simply could not get out of without getting external advice and help.

The following morning, my husband told me about the debt collection company that his business partner uses quite regularly as they get the job done quickly and effectively each time. He called up Macquarie Collections Group and lodged my complaint in order to create a case that would be managed just for me. The consultant then assured us that they encounter situations like these regularly and that my payments will be made after a short amount of time. The relief I had felt in that moment could not have been compared to anything, as it meant that I could get my business back on track and continue on with the new projects that were flying in.

After a couple of weeks, I had begun to receive payments from the clients that had not yet paid, and the amount owed to me by the residential estate company had been paid in full (which was the biggest life saver!) The highly knowledgeable consultants at Macquarie Collections Group had truly executed their job with excellence and delivered instant results. Being able to get paid for my architectural services had meant that I was able to save my business from having to close it’s doors and transform it into a thriving entity all thanks to the debt collection services at Macquarie Collections Group.