13 Secrets to New Year’s Debt Collecting

“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.” – Maria Robinson 

This year is about to end and this is the best time to plan what you want the coming year to be, especially when it comes to your finances. If this year hasn’t been too kind to you because of increasing debt, then start planning and changing things now. Contrary to the belief that creating resolutions on the first day of the year is more effective, this doesn’t hold true when we are talking about debt recovery for your business. The earlier you plan your financial strategy and start recovering from debt, the more time you’ll have to monitor it and check how it can impact your cash flow system. Continue reading

Debt-Free Holiday Tips for this Season

“Too many people spend money they haven’t earned to buy things they don’t want to impress people they don’t like” – Will Smith 

The Holiday Season tends to lure us all into getting into more spending and debt.  Big-item buying and unplanned spending is as bad for personal as it is for business finances.  Festive Season has the magic of making us all a bit merrier and light-handed when it comes to shopping, parties and Christmas gifts, but most of the time the headache from unnecessary debt comes “the morning after”.

No matter how generous and ecstatic you feel, think twice before putting another item in your Christmas shopping cart.  You can’t avoid Christmas spending, but you can surely avoid putting yourself in a financial predicament that could lead to cash flow problems due to more debt as you start the New Year. Continue reading

Joke of the Day: How to Make More Money in Your Business?

“Do not take life too seriously – You will never get out of it alive!” –  Elbert Hubbard 

 JOKE OF THE DAY:

When the expensive photocopier in the office began to print black lines on every page, the office manager called a local repair shop where a friendly man informed him that the unit probably only needed to be cleaned. Because the store charged $100 for such a service, he said, the manager might try reading the manual and doing the job himself.

Pleasantly surprised by his candor, the office manager asked, “Does your boss know that you discourage business?” Continue reading

Cash Flow – Does Fear of Rejection Stop You from Collecting Debt?

“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

#1 Secret of Every Success – Self Motivation!

What to do when everything you do seems to be  failing? 

#1 Secret of Every Success is  Self- Motivation!

We all experience times of adversities and big challenges.  The difference between a great fall and a great success is the amount of motivation you find in yourself and build it up to take over the challenge!

Motivation gives us clarity and empowers us.  I would like to share this little video with you – I find it inspirational.   If they can overcome it and excel – so can you!

Find How Your Business Really Compares to Others?

“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” – Mark Twain     

‘Good Bad Ugly Business Fitness’ research is one of the largest and longest running study and provides invaluable benchmarking data about the Australian businesses. Each year it is read by thousands of businesses and is used by many as a key reference document in their strategic planning process. It contains a list of average key performance indicators for businesses that is extremely useful to find out how your business compares to others and what your current overall business fitness is.

From 2011 business study it is well-documented that effects of the Global Financial Crisis have continued to impact all businesses on some lever of their operations. Continue reading

5 Tips for Preventing and Dealing with Non-Paying Clients

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. Continue reading

7 Effective Bad Debt Risk Management Steps for Your Business

“Diligence is the mother of good fortune. ” – Benjamin Disraeli 

The best thing you can do for your business cash flow is to have in place an effective bad debt risk management policies and procedures.  This would allow you to first manage risk rather than bad debt. 

It is much easier to be proactive by implementing credit safeguards like bad debt risk management procedures rather than having to deal with it once it has reached the bad debt stage – often this is already too late for a large percentage of debt to be collected. Continue reading

Debt Recovery – Benefits of Outsourcing Professionals

“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

Small Business – 3 Credit Management ‘Must Haves’

“A man is usually more careful of his money than of his principles” – Oliver Wendell Holmes 

If you’re a business owner or someone who is involved in business accounting, you know how hectic the last month of the financial year could be.  In Australia, June is the month when huge things happen in accounts departments:  businesses have a hard, long look at the numbers, cash collections and expenses, missed/or met budgets, profits and losses.  June is for many businesses month with large cash collections Continue reading