Many small business owners deal with the frustrating but inevitable challenge of doing business with customers who won’t pay. As disheartening as it can be, it is sometimes a disappointing reality of doing business.
Fortunately, there are professional firms like Boston Commercial Services that specialise in debt recovery service and can help owners get back the money they are owed. However, there are also several things you can do to try and collect debts before engaging a professional firm.
In this article, we will outline seven bulletproof ways that you can get paid faster and keep your business running smoothly. Read …
Starting your own business is an exciting — but challenging — endeavour. Following your passion and making a living from it takes courage, tenacity and hard work, with an expectation of experiencing some difficulties along the way.
As your company grows, you’ll face common challenges experienced by many other small business owners. Some of these struggles include maintaining positive cash flow, hiring the right team and growing your customer base.
In this article, we’ll share four of the biggest hurdles faced by small business owners. Read along and learn how you can overcome these struggles as your company grows.
Acquiring New Customers
Building a …
As a business owner, you have many essential obligations to keep your company operating from day to day. From hiring good employees to building a marketing strategy to managing your finances, there’s no shortage of responsibilities.
While all these duties are important in their own right, perhaps the most critical is making sure that your finances are properly sorted. Without enough positive cash flow, you won’t be able to pay employees, order inventory, or even keep the lights on.
Unfortunately, one of the most frustrating things that can happen as a business owner is when you deliver a product or service to …
When people or businesses owe you money, the debt collection process can often be tense or awkward, especially if you’re managing it yourself without professional assistance. You want to keep your working relationships intact, but it’s also essential to collect your outstanding debt to keep your business running.
The best way to handle the debt recovery process is to engage a professional debt collection agency. Not only are these agencies experts in collecting your unpaid debt, but they can also provide in-house legal services to make sure the entire process is completed properly.
If you require debt recovery …
Aussie businesses, particularly SMEs, are increasingly failing due to unpaid invoices and debt. Therefore, having a professional, decisive, and prompt debt recovery system is necessary to keep your company financially healthy.
Outstanding invoices, slow-paying clients, and other business debts can have significant adverse effects on your company, like bankruptcy and liquidation. However, when you understand and implement a sound debt collection process, then you can easily navigate this issue and recover outstanding debt.
Below are some practical tips to enhance your debt collection efforts.
Set Clear Payment Terms
You must emphasize early on about your expectations and have all parties sign a contract. …
As a business owner, you should be prepared to deal with clients who have outstanding debts. In the present scenario, a large number of business owners are experiencing cash flow problems and according to statistics, if the debt is overdue by a year, then the chances of it being paid is only 24% whereas, if the debt is overdue by only a month, then the chances of it getting paid increases by 93.8%.
Businesses require a sufficient debt collection recovery process for collecting debts quickly and effectively and improving cash flow management.
In this post, we will provide five useful tips …
The debt recovery process can be the most frustrating aspect of running a business. It is maddening that you provide your service or product to a business organisation and not get paid. This happens too often in the B2B sector because the vendor didn’t implement some simple procedures. With just a few adjustments to the way you handle your accounts and invoicing, you can avoid bad debt, increase cash flow, and progress in your business venture.
Here are the top five ways you can avoid bad debt.
1 Tighter Debt Control
It is your first line of defense against managing debt and …
One of the most challenging parts of a business is dealing with debt. Whether it is money you owe or are owed, many people prefer to avoid the topic of debt. Nevertheless, if you plan to keep your business afloat, you need to be familiar with all the debt recovery options available to you. One of the most effective methods of debt recovery, Australia is the use of Garnishee Orders.
What is a Garnishee Order?
A garnishee order is a legal avenue pursued by a creditor who has exhausted all other credible methods of recovering a debt. Garnishees orders bypass the debtor …
Getting paid for the service, you have completed, or products sold can sometimes be a daunting task. To completely avoid this kind of situation in your business, you would have to ask for payment upfront or before you execute the service. Be that as it may, there are some ways you can handle a client that won’t pay.
The following tips will help you in your efforts towards getting payment from your clients.
Send a Reminder
Sometimes, clients may honestly forget to make a payment. Give them the benefit of the doubt; maybe they don’t remember they owe you money or they …
Unfortunately, one of the most common dilemmas faced by many business owners is delayed payments. When you own a business, there may be times when you will have to chase up unpaid invoices with clients. While it’s not easy, it is part of owning a business and is something that must be dealt with appropriately.
Those uncollected payments can cause a negative impact, including affecting the growth of your business and disrupting your cash flow. There have been a growing number of SME’s (Small and medium-sized enterprises) in Australia that has struggled to collect payments from clients in recent years, with …