Early Warning Signs & Symptoms of Bad Debt from Inside Your Business (Part 2)
In business you get what you want by giving other people what they want. All you need to do – listen well! Let’s take a look at some signs and symptoms that may be early indicators of bad debt problems. Observing these early signs and investigating courses of the following symptoms, may save you from…
The Power of Regular Account Statements
“Diligence is the mother of good fortune. ”? Benjamin Disraeli Sound account receivable processes are a part of an effective bad debt risk management system. Standard processes and procedures would allow your business to first manage risk rather than bad debt. Remember: • Billing and sending invoices out timely, is the 1st MUST of every…
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…
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…
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…
Easy Personal Debt Management Tips
‘Do not wait; the time will never be ‘just right.’ Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.’ – Napoleon Hill There is no better time to crash change your financial philosophy and habits, than when you are…
Debt Collections – How To Get Customers To Pay up (Part 2)
“Customer service is not a department, it’s an attitude!” – Unknown This is the 2nd part of the article, read our first blog post as an introduction… A good debt collector knows that the “Carrot and Stick” approach also works with customers. So, how does this technique work in debt collecting? The previous post was…
Debt Collection – How to Get Customers to Pay Up (Part 1)
“Being on par in terms of price and quality only gets you into the game. Service wins the game.’ – Tony Alessandra If you want to make things happen the ability to motivate yourself and others is a crucial skill. Smart businesses use motivation to get results in their debt collecting. Motivation requires a delicate…
Debt Management: Debt Settlement a SCAM?
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. httpv://www.youtube.com/watch?v=jS43XFa3KGU Suze Orman is a well known and highly respected financial advisor. She knows MONEY. In this video she is…
Small Business Bad Debt is Easily Avoidable
Seven Steps for Effective Cash Management for Your Business 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. In First year of business 85% of…