According to the Australian Securities and Investment Commission, poor cash flow is a factor in 40 per cent of business failures 1. It is no surprise given the average small business in Australian is owed a whopping $38,000 in receivables payments2.
To anticipate the everchanging needs of business requiring receivables management, debt recovery agency Kemps Petersons has diversified its offering, adding a specialist legal arm to the business, Kemps Petersons Legal (KPL). In addition, due to the rising number of SME’s requiring receivables management assistance, Kemps Petersons has invested in new technology to increase efficiency and positive customer outcomes.
The debt collection agency achieved its transformation in early 2017 while maintaining the strong customer focus that has been at the heart of operations since its inception decades ago.
General Manager, Terry Kemp, has been at the centre of operations for almost 30 years and says maintaining relevance in the market has been a combination of continuing to diversify, challenging the status quo and investing in technology that enhances staff’s efficiency.
Interestingly, Mr. Kemp noted that although technology is vital in allowing the agency to keep innovating, he attributes the businesses successes to “using technology with a personal touch”.
“While investing in technology is crucial, it should be viewed as a tool to enhance your ability to do your job, not to do your job for you. Our point of difference is offering a highly specialized, integrated service – debt recovery and the legal requirements associated. Last year we were refereed over $10 million worth of debt in unpaid strata levies. Most owners pay their levies on time, however our research indicates approximately 20% levies are collected late. This 20% can have quite a negative effect on a business’s cash flow and cause a lot of stress to business owners. Ultimately it’s a debt collection agencies role to help business avoid a cashflow crisis.”
“At KPR and KPL we endeavour to do this in the most professional way possible- we do not charge commission if no receivables are collected and each customer has a dedicated account manager to ensure there is clear communication throughout the process”, continued Mr Kemp.
It is this attitude that earned Kemps Petersons a two-year contract as a preferred supplier with Procurement Australia. “By having a strong tech infrastructure, innovative processes and the right people, I think we are onto a winning combination” said Mr Kemp.
Kemps Petersons will be an exhibitor at Procurement Australia’s upcoming conference on 13 August. For more information on Kemps Petersons Receivables and Kemps Petersons Legal click HERE and HERE respectively.
Kemps Peterson is a subsidiary company of PICA Group and is offering PICA Group customers a preferred rate on all services.