This article is designed to show you how to communicate with your clients and effectively collect the debts that are owed to your small business.
If you own a small business, you may know how difficult debt collection can be. Small business debt collection is often one of the main failing points of many businesses throughout the country. With a little practice and courage, however, you may be able to lessen the number of late payments that are due to you and even develop an understanding of when to expect non-payment from a customer. If you can learn effective communication skills, you may find that you can spot problems before they become too big, or even before they happen at all. Continue reading
If a business or individual owes your business and defaults in repayment of it, there are a number of steps you may be able to take to recover it. (LACHLAN MCKNIGHT | JULY 26, 2013)
1) Send a letter of demand
2) Work with a solicitor or debt collection agency
3) Negotiate repayment of the debt
4) Participate in ADR
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Rocketlawyer.com offers free legal help and information. This article has some really good insight on how to choose a good collection agency. To read the full article please click here.
Five Tips for Hiring a Debt Recovery or Debt Collection Agency. While there are smart ways to avoid the debt collection process, sometimes you have to hire a professional. After all, you have your business to run and dealing with delinquent accounts can be draining on your resources, time, and patience. Continue reading