For many business owners, making a debt collection call is one of the hardest things to do.
Certainly, there is a good reason for this kind of hesitation. Making debt collection calls is an art. You need to be alert all the time, anticipate what the customer is going to say and at the same time be ready for anything. You have to stay in control of the phone call, and the same time you have to be gentle enough to lead the client to the resolution stage. Making collection calls has clearly some advantages over other collecting methods. (more…)
‘Want to boost your self-esteem? Then pile up on the debt.’
“Debt can be a good thing for young people – it can help them achieve goals that they couldn’t otherwise, like a college education,” said Ohio State University assistant sociology professor Rachel Dwyer.
Interestingly, her study found that 18 to 27-year-olds who had huge credit card and university loan debts had better self-esteem than their peers. (more…)
“If you think nobody cares if you’re alive, try missing a couple of car payments.” – Earl Wilson
Let us bring some light into debt situations: here are some money jokes.
“A businessman walked into a New York City bank and asked for the loan officer. He said he was going to Europe on business for two weeks and needed to borrow $5,000. The loan officer said the bank would need some security for such a loan.
The businessman then handed over the keys to a Rolls Royce that was parked on the street in front of the bank. Everything checked out and the loan officer accepted the car as collateral for the loan. An employee then drove the Rolls into the bank’s underground garage and parked it there. (more…)
The truth is that many operating businesses do not have properly drafted and defined invoices given to their customers/clients.
I have seen it too many times that often very important information is simply missing from the invoice. This causes confusion with clients, but more importantly, it creates great problems when the business debt needs to be collected. With an invoice like this, you can be certain of one thing; it will affect your business and hurt your cash flow.
So, how can you turn your invoice into your cash collecting helper? (more…)