When a customer misses payments, it can be a top concern for your business’s profitability. If you need to collect and recover debt, you should explore all resolutions before it escalates to a litigation case.
You will want to start by identifying the risks and determining if your situation will be successful. For example, what is the debtor’s financial situation? What are their business assets? Sometimes, you can settle disputes before taking them to the courtroom, and therefore, you could save time and litigation costs.
If you are wondering where to begin, a business lawyer can advise you on the exact steps to take, whether you are in the pre-litigation stage or a legal battle.
Here are four collection strategies to implement before pursuing a litigation case.