Have you heard about the recent changes to credit card surcharging?
The Australian Competition and Consumer Commission (ACCC) said the ban, which has been in effect for large businesses since last September, will extend to all businesses that are either based in Australia or use an Australian bank. (more…)
“Consult not your fears but your hopes and your dreams. Think not about your frustrations, but about your unfulfilled potential. Concern yourself not with what you tried and failed in, but with what it is still possible for you to do.” – Pope John XXIII
How does fear from rejection stops your business cash flow grows? What haven’t you achieved in your business dealings because you didn’t have the tools and strategies to break through fear? Where would your cash flow be if fear of asking for money was no longer a barrier? What if it only took you acknowledging and understanding your fears to change this?
When debt collecting and asking for payments the most common fears that small business owners experience are: (more…)
Courtesy of Small Business Success Blog
Late or non-paying clients are a hard fact of business. Small businesses in particular are vulnerable because they lack the accounting and legal resources to deal with these customers, with collections falling squarely on the shoulders of the business owner. Likewise, smaller firms and sole proprietors eager to acquire new clients often rely on loosely structured quotes, estimates, statements of work and other non-binding agreements to secure new business.
Here are some approaches that your small business can take to mitigate the risk of dealing with late or non-payment, as well as some options for collecting that debt. (more…)
Why chase bad debts yourself when you can have a debt management expert doing the work for you? These days, outsourcing debt collecting professional can solve many problems in your credit system and will save you time and money short term. Long term – you’ll gain faster payments, reduce your arrears and free up staff resources for more immediate business development.
Debt collection is an important function of any business as it maintains the life line of all businesses – cash flow. We all know; no cash flow – no business! The fact is that debt collecting involves work that is challenging, very specific, detailed and time consuming. (more…)
“I like to do all the talking myself. It saves time, and prevents arguments.” – Oscar Wilde
” A foolish man tells a woman to stop talking, but a wise man tells her that her mouth is extremely beautiful when her lips are closed” – unknown
The video in the previous post is funny, as it teaches a crash course on How not to talk in a debt collecting call.
When making a call, do you make note of the following;
“Don’t use words too big for the subject. Don’t say “infinitely” when you mean “very”; otherwise you’ll have no word left when you want to talk about something really infinite.’ – CS Lewis
Many professional debt collectors know that most people they deal with do not want to default on their debt. Most of them do intend to pay their bills, and keeping a respectful relationship with them is extremely important.
Here is a reversed example of “real life” debt collecting call and How Not To Make a Debt Collection Call. It is really funny! (more…)
“A COMPLETE Step-by-Step GUIDE To SUCCESSFUL In House Debt Collection!” is an e-book aimed at every business owner who extends credit terms, accepts cheques, and has money owed to them from slow-paying and non-paying customers. Since every business owner experiences delinquencies, non-payment and bad debt at some point, this means that every business can benefit from this great pool of inside secrets in debt collecting. An absolute MUST for everyone with a running business, even if their receivables are not in trouble. This book is packed with insights and great tips on how to improve your collection system.
Should your business cash collecting be evolving and changing with the technology?
In today’s world when everything is becoming virtual overnight, cash collecting has been also moving towards full automation and paperless existence.
Research by leading IT analysts has found that companies with the fastest-growing profits in their industry sectors are the ones that are changing their document processes and automating them. Businesses with effective document processes in their billings and cash collecting are more likely to experience profit growth and shortening of payment cycle. (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…)
Ok, you are asking, “What does my business have to do with unethical cash collecting?” To explain this I am happy to share my recent personal experience, so just keep on reading…
Recently, due to my child not feeling well, I was urgently flying back home from a seminar in Melbourne with a major Australian airline. As their frequent flyer member with a return ticket for the next day, I did not expect any major problems. I was greatly mistaken! (more…)