Have a look at this interesting video about how to get out of debt. In this case it is Credit Card Debt, but the same kind of dilemma is involved in any other kind of financial debt out there.
Suze Orman is a well known and highly respected financial advisor. She knows MONEY.
In this video she is talking about getting you a financial first aid! When you get yourself in a situation of financial exhaustion, the first step is to get some oxygen (some breathing time given by debt specialists / agencies).
Getting debt agencies or other 3rd party financial specialists to help you is your first aid ONLY ! (more…)
Did you know that 85% of new small businesses close down in the first year of operation!
According to a report conducted in an issue of USA Today, the statistical failure rate of small businesses in America is staggering.
Don’t Fear the Customer
“Some business owners have had their business for months or even years and when I give talks about credit policies, credit limits, and credit applications, they say, “I never did any of that and I have so many customers that owe me money and are past due.” Many think it is too late to do anything about it, or they are afraid to ask a customer for the money or ask them to fill out a credit application. They think they will make the customer mad and lose the business. If the customer is past due or not paying you, why do you worry about alienating them? This is a customer you do not need. If someone is not paying you, they are not helping you. Wouldn’t you rather have a customer that pays you? Stop working for free.
If you have customers that owe you money right now, today, you can and should do something about it. Add up how much money is past due or is not being paid, the dollar amount will shock you. Now is the time to take action!” (more…)
WHAT YOU HAVE TO KNOW BEFORE ATTEMPTING TO COLLECT DEBT:
Have you ever been chased to pay debt?
Have you ever chased someone else to pay debt to you?
Chances are you have belonged to both camps at some point in your life.
Do you know that you are legally protected in both cases & you DO HAVE LEGAL RIGHTS? (more…)
‘This question is hard to answer, because there are no simple answers here and the outcome of this situation could easily be fatal to the business and if you are personally guaranteeing this money – and you probably are – this could potentially be very serious for your personal life too.
The things that you need to do, in my opinion are:
What is cash-flow? How do you plan small business cash-flow? How is debt collection of your business related to the overall performance of your business cash-flow? How is planning in advance influencing the outcome of your business months later? To find out watch this video….