Advice for Businesses

As a collection agency that works with both small and large business, we encounter this question quite a bit. We often hear that a business needs to place a customer into the collection process but they really don’t want to lose that customer. It is very common for those two factors to be discussed in the same conversation.

We work hard to secure a customer and we don’t want to lose them if we can help it. Acquiring new customers can be a long process for some businesses and the fact that they are behind in their obligations to our business, should not totally disqualify them from doing business with us in the future.

There are so many balls in the air that small business owners need to keep an eye on. And for that matter, any size business owner. The general public might have a perception that running a business is easy and that most are just jetting off to the Caribbean every month but for most, that is not the case. And if you’re one of those business owners, then you know that all too well. And as a collection agency talking with small and medium sized businesses all the time, we can confirm.

Let’s go through some of the more critical issues that […]

It probably goes without saying that the biggest reason your business could be losing money is because customers are not paying you on time. You do the work, or supply the product, and then if you don’t get paid, you start losing cash immediately. Collection agencies that work with small business, such as our company hear this type of thing all the time. It’s the single largest source of revenue loss.

But there are many other causes of lost revenue and some of them might not even be obvious to you and your team. Maybe they are and you’re just ignoring them. Whatever the case may be, there are a number of ways your business can […]

Remember the movie “Dude, Where’s My Car?” Well, have you ever said to yourself, where’s my cash?

There are insights we have as a collection agency that works with small business. And we get questions all the time when we sit down and talk with small business owners and others like you. They are always asking where their cash is. “We see some of our money coming in, but not all of it.” A common theme when we consult with concerned businesses.

You need to know where your cash is at all times as a small business. Everything from keeping track of the cash that goes in and out of your business to the people that are […]

When you are running a small business, every dollar counts. That includes cash that comes into your business and cash that goes out. It’s how you charge your customers for what you provide them, and keeping a watchful eye on what you are being charged by others.

It’s also about protecting what you have which includes cash, receivables as well as physical items such as assets and inventory. Maybe your customers are paying on time, but you could be losing money in other areas. It’s important to keep an eye on everything related to money in your small business.

Here are a few items to always pay attention to:

Cash Flow:

As a small business, you need to […]

When you are running a small business, you might be in a position where you are doing almost everything. Depending on the circumstances such as amount of business, labor shortage or it is just the nature of your business, one day you could be at your desk and the next, out seeing a customer.

The fact is that many small businesses are running because the owners are actively involved in the day-to-day operations.

But what happens when you cannot be at your business?

There are a whole host of reasons that could cause you to be away from your small business. Everything from an injury or illness, vacation […]

As a collection agency that specializes in working with small business, we get a number of questions from professionals we meet. But the one that always seems to come up is, how can my small business get paid faster? Afterall, that’s pretty much why we’re talking in the first place. They haven’t been paid for the services they have provided.

While a larger business may be able to absorb late and non-paying customers for a period of time, a small business as you know, relies heavily on cash flow. And it becomes a real issue quickly if customers are not paying.

Here are a number of items to consider if you are trying to lay the groundwork […]

Do you always wonder where all your money went in your small business? Are you constantly frustrated that when you check your bank statements, that you have less money than you thought you had? Do your customers pay you late or not pay you at all?

You are not alone. Many that are running small businesses will tell you that they have gone through a period of time where they did not pay as much attention to their finances as they should have.

And collection agencies that work with small business will also tell you that for many, cash flow is a top concern of those running a small business. We get calls all the time from […]

As a collection agency that works with small business, we are always in a discussion with our clients and others about how to increase profits. As you might imagine, when your business is owned money, and that money continues to be late, or doesn’t show up at all, your profits are going to suffer. Not only will your profits take a hit, but your cash flow and your ability to meet your own financial obligations. In short, it can cause a chain reaction in your business.

And while making sure your customers pay you on time is one of the best ways to keep your profits […]