Collecting outstanding debts is, unfortunately, an unpleasant reality in the business world. You have put your valuable time and resources into providing services to a customer, and you deserve payment on time and in full. However, that’s not always the case, and when invoices are outstanding you need to collect on these.
Debt collection discussions can quickly become uncomfortable, messy and unprofessional if not done in the right way. If conversations with a debtor are not handled firmly but also sensitively, the situation can soon descend into an outright confrontation.
Here are some constructive pointers on how to keep a debt collection …
If you are a business owner, you likely understand the complexity of getting your clients to pay on time. Whether or not it’s due to missing an invoice accidentally or purposely not paying, it’s a frustrating experience to handle.
At a certain point, you may consider working with a debt collection agency to recover the funds owed to you by clients. However, are you familiar with precisely what debt collection agencies can (and can’t) do for your business?
In this article, we’ll outline three of the most essential things that debt collectors can assist with in regards to the recovery of your …
Operating a business in Australia is an exciting venture. Serving your clients with top quality products or services can be very rewarding. However, the sustainability of business depends on maintaining positive cash flow. It is important for the health of your business that your clients pay you on time.
The not so pleasant side of business is following up unpaid accounts, it is time-consuming and often discouraging. It can also take your attention away from your core business. This is why many companies contract debt collection agencies in Sydney. A reliable debt collection agency can restore your peace of mind and …
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 these …
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 Service 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 …
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 maintaining …