Name: Khaled Khan
Business name: LR Collections Ltd
Location: National Offices
Number of employees: 5
When and why did you start the business?
I don’t think anyone grows up thinking that they want to be a debt collector. I started out in the accounts receivable department of Security Pacific Business Finance,then on to a Senior Credit Controller at Secom Plc and finally to Group Credit Manager for The Loft Shop Group. I started LR Collections Ltd in 2011.
How have you grown your business or your client base?
A good friend recommended me to Worthing and Adur Chamber and I promoted my business through their meetings as I believe people buy from people. I also joined Worthing Independent Networking both of which were a great success coupled with the fact that we used digital marketing to promote the business. I would urge anyone to join networking groups to proactively promote your business. Where else would you get to meet business owners face to face?
What challenges have you faced in the past year?
The biggest challenge is to convince potential clients that using our services will not only see their invoices being recovered more promptly, but your debtors dealt with in a professional and ethical manner in order to continue their business relationship. It’s a fact that once a third party is involved in pursuing an overdue debt, the debtor pays faster.
Where have you found support or help for your business?
I joined Worthing and Adur Chamber in 2011 for its networking meetings and events. I believe Tina and her team genuinely cares and supports local business. It has a vast membership base with knowledge and experience who are willing to help each other to succeed. We offer chamber members discounts, help and advice.
What are your plans for the year ahead?
The world of debt recovery is evolving rapidly with new rules and regulation each year. We plan to focus on expanding our client base, offering clients cost effective debt recovery to help with cash flow. We aim to achieve this by networking, attending social events, and digital presence.
What is your ultimate goal for the business?
Our ultimate goal is to carry on assisting businesses recovering payment against their unpaid invoices to make their business a success.
Business owners should spend more time growing their business and less of it chasing overdue accounts after all that’s what we’re here for…