Small Business Collections Archives - Page 2 of 6

What are the most common myths about debt collectors?

There are countless myths about debt collectors and the debt collection industry as a whole. Debt collections in many circumstances can be a complex situation for both the business trying to recover money and the consumer trying to navigate financial difficulty.

If we go back to the nightly news programs of past, many of us remember the segments that only focused on some negative behavior of a chosen few working in the industry.

However, that’s just not how the debt collection industry operates currently. Collection agencies play a mission-critical role in the businesses they serve and the overall economy.

But there are still many myths floating out there.

If you want to learn more about the positive aspects of […]

David Greenwood2024-05-20T09:21:24-04:00May 23rd, 2024|Categories: Accounts Receivables, Small Business Collections|

Overcoming common debt collection challenges for your small business

Every size business, whether a small business or a larger organization will have to manage late and non-paying customers. It’s just a reality of being in business and part of the accounts receivable process.

Not every customer is going to pay their bills on time. That would be nice, but it just doesn’t happen for a wide range of reasons. Some of those reasons are legitimate and other reasons will challenge you and your staff.

Keeping current with accounts receivables and maintaining cash flow are constant challenges of running any small business. That’s when a small business needs to decide to implement some form of debt collection activity.

Let’s examine the various challenges a small business faces with […]

David Greenwood2024-05-20T08:42:38-04:00May 20th, 2024|Categories: Accounts Receivables, Small Business Collections|

Understanding realities-why consumers struggle to pay on time

There are numerous legitimate reasons why a consumer might struggle to pay your business on time, or at all and many of them stem from financial difficulties.

As business owners, executives and others keeping an eye on the bottom line, you may get angry because some customers have not paid your business and you’re left wondering why.

However, as we indicate here, many circumstances limit a consumer’s ability to pay your business, and they should be considered.

If you want to better understand why some of your customers are not paying, take a look at our insight below. […]

David Greenwood2024-05-13T08:37:46-04:00May 13th, 2024|Categories: Accounts Receivables, Advice for Businesses, Small Business Collections|

Your business went to small claims court-Now what?

Many organizations and commonly small businesses will attempt to get customers to pay on outstanding invoices through various methods. However, for a wide range of reasons, small businesses can struggle to get timely payments, which ultimately affects cash flow.

One method that many small businesses have employed over the years is taking customers to small claims court. It’s relatively inexpensive to file a claim, and if you have paperwork to back up your claim, your business will often achieve a favorable judgment. That’s good news.

The bad news? A small claims judgment is just that, an order from the court for the client to pay your business. And for the most part, the authority ends there.

In short, […]

David Greenwood2024-03-12T10:52:57-04:00March 15th, 2024|Categories: Accounts Receivables, Collection, Small Business Collections|

Debt collections-your mission critical part of business cash flow

A healthy debt collection process helps businesses of all sizes maintain positive cash flow which is critical for many reasons.

Cash flow is the backbone of any size business and positive cash flow keeps a business healthy and strong. It allows for consistent operations, a healthy bottom line, meeting the needs of your workforce and the confidence to know that you have the resources to grow if needed.

Your business must have positive cash flow!

Let’s go through some of the obvious and not so obvious reasons why debt collections is an integral part of your organization’s cash flow. […]

David Greenwood2024-03-12T10:48:35-04:00March 13th, 2024|Categories: Accounts Receivables, Small Business Collections|

5 ways to keep your customer when they are NOT paying

You want to keep your hard-earned customers. We thought so!

Sometimes as you well know, customers do not pay. But that does not mean you have to lose that customer. In many cases, something has prevented your customer from paying on time or meeting their financial obligations to your business.

While there are obviously disputes that need to be worked out, sometimes a customer just needs a little time and assistance to get caught up with your business.

If you want to keep your customers in good times and difficult situations, check out our 5 tips for keeping them when they have not paid you yet.

Open the lines of communication

If your business is not getting paid by your […]

David Greenwood2024-01-03T12:30:38-05:00January 12th, 2024|Categories: Accounts Receivables, Professional Services Collections, Small Business Collections|

6 critical areas you need to focus on to build more trust with customers

The relationships you build with customers are the lifeblood of your organization, no matter the size. In short, your business will not thrive without solid relationships with customers. It’s just that simple.

Building lasting and trusting relationships with consumers is one of the best ways to see continual growth in your organization. You should not think of your customers as transactional. You should be thinking about how you can serve them for the long term.

Building long-lasting customer relationships is more than just being nice and smiling. It’s about implementing strategies that allow you to build trust over the long haul.

If you’re looking for traditional and non-traditional ways to build lasting customer relationships, check out our tips […]

David Greenwood2024-01-03T12:04:11-05:00January 5th, 2024|Categories: Accounts Receivables, Advice for Businesses, Professional Services Collections, Small Business Collections|

8 proven ways to build your small business profits this coming year

If you’re like many owners and operators of small businesses, you’re looking at the year ahead and trying to figure out how next year can be better than before. While New Year’s resolutions might not work, getting the year off on the right track is time well spent for your small business.

From reviewing the processes and procedures your small business uses regularly, looking at cash flow, invoicing and how you use a debt collection agency, to just some basic goal setting, it’s important to review your small business goals annually.

If you are running a small business and are eager to boost your profits in the coming year, check out our tips for building your small […]

David Greenwood2024-01-03T09:27:09-05:00January 3rd, 2024|Categories: Accounts Receivables, Small Business Collections|

6 questions a business might ask before hiring a debt collection agency

When you’re in the process of hiring a debt collection agency for your organization, there are no doubt many questions on your mind. Hiring a new agency for your business can be a big step because of the important role they play in the overall health of your business.

Generally speaking, many businesses are concerned with how effective their debt collection efforts will be, how their customers will be treated, the protection of data and if the agency has a level of proficiency within their industry. For example, do they understand the intricacies of medical debt collections or debt collections for lawn care companies?

A reputable debt collection agency should have no problem answering some of these […]

David Greenwood2023-11-14T09:56:46-05:00November 17th, 2023|Categories: Accounts Receivables, Small Business Collections|

8 reasons why businesses rely on debt collection agencies

The debt collection industry is a vital part of the US economy. And for many businesses, it is a critical part of the overall accounts receivables process.

Many small businesses and larger organizations rely on the expertise and efforts of third-party collection agencies every day. And for good reason. Collection agencies are recovering substantial amounts of consumer debt and helping those businesses drastically improve much needed cash flow.

The economy is stronger because of collection agencies and businesses of all sizes continue to build a solid financial foundation by partnering with the right collection agency.

Want to know more about why businesses rely so much on professional debt collection agencies? Check out our thoughts here.

David Greenwood2023-12-19T12:26:41-05:00November 14th, 2023|Categories: Accounts Receivables, Small Business Collections|

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