Bad debts can run a business into the ground quicker than anything else. No one is immune, not even child care services: there’s currently around $1.2 billion of bad debt across Australia.
Bad debt is a three-pronged nightmare:
- The money you need isn’t there when you need it (to pay your own bills)
- Chasing bad debt and pursuing legal action costs time and money
- You may never recover the money you’re owed