“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: Continue reading →
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. Continue reading →
“I must govern the clock, not be governed by it. ” – Golda Meir
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. Continue reading →
“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! Continue reading →
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. Continue reading →
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.
“Shallow men believe in luck, believe in circumstances….Strong men believe in cause and effect.” — Ralph Waldo Emerson
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! Continue reading →
“If you are a business owner, you will likely encounter overdue debt on a very routine basis. A huge number of customers – both individuals and other businesses – will inevitably forget, not bother, or refuse to pay their bills.
It’s easy enough to deal with the forgetful procrastinators with a couple of firmly worded overdue notices, but for those who still don’t pay, there is a time to turn things over to a debt collection agency.
When it becomes clear that a customer doesn’t intend to pay you out of their own free will, turning things over to another party probably isn’t a bad idea. For example, customers that flatly deny owing you money despite your records are very difficult to deal with without help. Continue reading →