How can debt recovery help your construction firm this year?
The latest consumer and business trends may have a negative effect on the building contractor industry this year. Rising consumer debt, higher material costs, and a number of other trends increasingly point to the need for contractors to partner with debt recovery firms to improve cash flow. Here are the trends impacting your business this year and how a debt recovery firm like Rocket Receivables will help you stay solvent even in the face of these new challenges.
Why Debt Recovery is so Important for Contractors This Year
The bottom line of any business is strongly affected by cash on hand, but nowhere more so than the construction field. While we know the construction industry has traditionally been a strong revenue generator boosting the American economy, there are signs that growing consumer debt may make things a little harder this year. For example, trends show that an increasing number of invoices are being paid late, and that isn’t just on the consumer side; B2B contractors are also feeling the pinch. The big question we’re asking right now is, while home improvement construction has increased over the past few years, could rising consumer debt slow down this trend in 2019?
Another issue impacting revenue is that globally, construction costs are anticipated to increase by 4.3% this year, which will impact the amount of cash on hand it will take to finance small and large projects.
New technologies are changing the industry, as well, but adopting these efficiencies takes bottom-line cash efficiency that smaller contracting firms may not be able to afford.
Finally, whether the contractor is small, mid-sized, or enterprise-level, there is a current labor shortage that is sure to affect everyone in construction.
All of these trends require solid cash flow to keep a contractor in business but also competitive. How can a debt collection service help?
How Debt Recovery Outsourcing Helps Contractors
Today’s challenges require new and more efficient partnerships to help contractors improve their bottom line revenue.
Rocket Receivables was designed for one thing; to help companies get paid. Our debt recovery service works closely with contractor firms to help improve cash flow by providing an effective yet simple system for mitigating bad debt. Our focus includes:
- A solid automated web-based platform that you control from an easy-to-use dashboard
- A turnkey solution for both letters and live debt collection services
- Fully compliant services that will help keep your business legal
- 24/7/365 access to our debt recovery service
- A customer guarantee that is unprecedented in the debt collection industry. We guarantee that you will make double what you invest in our service.
- The opportunity to select affordable, fixed- fee collections for early debt
- Consignment or contingency payment plans for 120+ past due accounts. If we don’t collect, you pay nothing.
- Industry-leading data security technologies
We know the contractor and construction industry. Rocket Receivables has a proven track record of helping businesses in the construction trades maintain their solid community reputation while still lowering past due A/R. Isn’t it time for a free consultation on how we can help you meet the challenges of 2019? Click here to buy now.