• Xservice Debt Collection

Challenges & Opportunities for Businesses in 2021


2020 has been a tough year for most businesses, with the pandemic and so many uncertainties around the world. There are not only challenges, but also opportunities along with. With 2020 comes to an end, we are sharing our thoughts plus some market research of the major challenges & opportunities for 2021 to business owners, hope you could survive and thrive with Xservices in the new year!


1. COVID-19

· The global pandemic still strong, with more than half million daily new case increase worldwide leading by US

· Impacts for leisure, entertainment, hospitality industry will continue

· Immigration will be limited

· Vaccines are the hope



2. THE ECONOMY

· CBA forecasts AU economy grow by 4.2%, inflation drop to 0.9%

· Market expect RBA cash rate will remain the lowest level for 3 years

· Unemployment will drop from 6.8% to 5.9% (by CBA)


3. CHINA RELATIONSHIP

· Exports heavily rely on China, as the Chinese market takes about 40%

· China will not stop import iron ore, but implications for wine, fruit, lobsters, barley, timber and coal. Processed food and cotton could be bit risky for the next

· It is expected that the relationship will settle down with the recovery of COVID-19

· WHO-led team investigation for the origins of coronavirus will bring things to the light


4. THE BIDEN ERA

· Expected blockage in congress

· Hope the Bidden administration to be more constructive

· Plans for net-zero emissions by 2050


5. BUSINESS ENVIRONMENT

· Remote work will be more acceptable, commercial real estate is getting hurt

· E-commerce becomes more important, virtual businesses increasing

· Cashless, digital pay becomes popular

· Adaptability will be more important, be ready to roll with whatever happens


With Xservices, we not only help our clients for collections, but also provide a variety range of supporting services that enhance your financial health, which including but not limited to:

1. Set up a credit application form, so that the trading entity would be clear, collection and legal costs would be paid by the debtor, get director guarantee in place and 98% winning rate for future potential collection.

2. Standardize accounts receivable procedure, let your accounts team know what to do at the best time, never miss out receivable opportunities.

3. Cash flow forecast for a better business plan.


Do not hesitate to let us know if you need help from a professional debt collection agency.


Need more advice about debt collection? Read our blog “What You Should Know About Debt Collection”.


Consider our “Consumer & Personal Debt Collection” service.


Learn more about “Commercial Debt Recovery”.