In a speech in Washington US, in advance of the G20 and G8 meetings in Canada, the US Treasury Secretary Timothy Geithner proclaimed that Europe needs to focus on economic development as well as cutting national debts. Mr Geithner requests world leaders to make economic development a priority, but this has created a mixed reception, with some analysts saying that the national debt has to be reduced first in order to bring confidence. Others are afraid that focusing on the national debt might stifle economic development and make it difficult to recover to a profitable state.

The prospects for some UK enterprises might well hang on the deliberations of the G8 and G20 meetings when they try and make plans for the future. They might be unsure if they will be assumed to pay extra tax to contribute, but if this happens than these large enterprises might well be of a mind that they are being used by the government, when it was the financial institutions and not them that caused the economic downturn in the first place. Whether they have kept back payment of accounts to smaller enterprises to see what happens at the G8 and G20 meetings or not, the small enterprises which have done work or sold items needs to not be penalised by late payments. Any particular small company that is at risk because of the late payment needs to make contact with the large company and uncover when they can expect to have their account paid. If the result is not suitable then they might well feel that they have given them enough time and it is now time to look into Debt Collection.

Their paths for a suitable Debt Collection solution might well depend on finance and their ability to spend time on a Debt Collection project. It is really a trade off between the two, with the usual Debt Collection services of solicitors and Debt Collection Agencies charging from 10% to 20% or more of the account value, but taking the Debt Collection project out of the hands of the small company. There is a risk here in that the economic downturn has seen a rise in the number of Debt Collection Agencies and solicitors offering business Debt Collection, however they all might not be as reliable as pre-existing Debt Collection Agencies and solicitors, so the small company might end up losing money if they inadvertently get involved with disreputable Debt Collection Agencies or solicitors.

They could use Debt Collection Software to run the Debt Collection project internally, but they will need to be determined to this as they might well need to ear mark resources of both time and members of staff. Debt Collection Software can be bought for around £40 for a decent Debt Collection Software suite that needs to come with a good documentation and probably online help as well, since the small company might well not know much about Debt Collection and the Debt Collection Software suite needs to provide the required training. The members of staff in the small company will also need help with writing Debt Collection letters since these are at the core of the Debt Collection process, so information such as recent laws and any snippets that Debt Collection Agencies use would all help. Those members of staff chosen to create the Debt Collection letters needs to have a good understanding of English because if any Debt Collection letters reach the large company with spelling or grammatical oversights present then this might derail the Debt Collection process and might harm the business relationship.

If the small company make a determined effort with the Debt Collection Software than they have a good chance of encouraging the large company to pay the outstanding account and have achieved this for a much cheaper price than solicitors or Debt Collection Agencies would have charged.