How is a business owner sinking under ever-expanding receivables supposed to respond to our country’s current situation? The recession shaved 11% off American’s median income before it officially ended in 2010, and according to the Federal Reserve the first three years of “recovery” shaved off another 5%. While the wealthiest 3% saw their share of…
So you’re stuck in a Catch-22: To obtain new contracts you need the latest technologies. To get the latest technologies you need to make capital investments. But to make capital investments you need new contracts… What do you do? The best news first: the economy actually is recovering and there really are new contracts to…
With the nation hyper-focused on the world of healthcare, does the idea of having a large new pool of patients make you feel optimistic for the fate of your practice? It should, but be careful knowing that more patients may open you up to the problem of more debt. The Boy Scout Law may be…
You’ve sold a product or performed a service, and shockingly enough, you expect to be compensated. If you’re new to business, you never envisioned yourself a debt collector. If you’re a veteran to business, you know proactive accounts receivable management and collecting debt, or recovering profit as we like to say, are important strategies to keep…
We live in economically challenging times. It’s bad enough that, as insideARM.com recently noted, “truly educated, hard-working professional people, who three years ago were gainfully employed, making a respectable living, and had never missed a payment to their creditors, are now — through no fault of their own — unemployed and struggling to meet the basic needs…
The earlier you start to collect a debt, the better your chances of collecting on it all. So why do so many companies wait to turn over their debts to a collection agency? The answer is simple: traditional contingency agencies cost a lot of money. Traditional Contingency Agencies Many business owners, seeing the amount they…
Unpaid debts are on the rise, but whether or not to hire a collection agency is still a valid question for many business owners. If you have a high volume of uncollected debt, the answer is obvious, but many businesses fall into a gray area. Collecting In-House If you’re unsure about whether to hire a collections…
We find, in The Odyssey, this debt collection effort: At daybreak I’ll be off, to see the Kaukonians about a debt they owe me, an old one and no trifle. -Homer Well, some things never change. Where there’s money, there’s also unpaid debt. But many things do change, and the technology available for collection is…
We’ve previously posted about criteria you can use to ensure you’re picking the right collection agency. This decision is one that should be made carefully, so we advised you to be sure to check the agency’s reputation, associations/affiliations, and training policies. That’s just the tip of the iceberg, though. It’s important to look beyond the…
Consider the humble invoice. It is, of course, the means by which you get paid. But did you realize the verbiage on your invoice might affect whether you’re paid in a timely manner? Your invoice is also one of your primary means of communication to your clients, and it has a lot more impact than…