|Small Business Information|
Debt Collection Techniques
Here are some sound debt collection techniques that can be followed by businesses to mitigate the bad debt crisis:
Sending a pre-collection letter.
Sending A Pre-Collection Letter
Most businesses don't want to "play the bad cop" with their clients, so they approach a collection agency, which for a nominal fee sends a notice to the defaulter asking him or her to pay up.
Remember, a notice from a collection agency is much more effective than the notice from your company itself. It tells the defaulting customer that you have now hired a professional help to collect the dues and, thus, it increases chances of customer paying up the debt faster. The 'fear factor' of credit rating damage is associated with collection agencies.
Hiring a Collection Agency
A collection agency under the Fair Debt Collection Practices Act is one that recovers debt on behalf of others. It employs various methods to recover dues from errant customers:
Collection calls are a necessity in debt recovery. Handling the collection call in a calm and professional manner can make the difference upon which collections are made or lost.
Skip tracing is a detection method adopted to find a debtor who has absconded either intentionally or unintentionally. Forwarding occurs when a collection agency forwards a debtor's account to another collection agency, possibly because it does not have the authority to conduct business where it is currently located.
Flow Forwarding is a novel concept in which a collection agency contracts with a business to purchase all its bad debts on a periodical basis. Doing It Yourself
As mentioned earlier, most businesses suffer from bad debts because of a lack of a clear debt management policy. Most organizations would minimize their debt management if they had clearly defined credit policies. Moreover, a clear understanding of the law needs to be had before a business drags its clients to court. This is the tedious bit and therefore businesses need to be very sure with their preparation.
Collection Agency Services offers you a wealth of information on how to select the best collection agency for your business.
Change May Be Your Ace in the Hole
Whether it has been thrust upon you by external market forces or it has simply bubbled up from the internal dynamics of your enterprise, change itself always presents opportunity for improvement. And in a knowledge based economy, change may be the only thing we can count on as small business people. So, if you want to stay ahead of the curve, you must embrace change as a necessary strategy for commercial success.
What is Business Process Automation?
Business Process Automation or BPA for short. This was a buzzword a few years back with anyone and everyone claiming they were experts in this area. Maybe so. But to really realize its true potential you need to understand what business process automation is and why you will need it?
Does Your Company Have a Business Image Manual
Every business regardless of size needs a "Business Image Manual" to protect their band. Even the smallest companies with only a few employees is well served when there is a business image manual in place. For 15 years I ran a small business, which I eventually franchised and later expanded to 23-states and 4 countries. What I had learned after franchising is that; I should have written my image manual 10-years prior. At first my business was just me alone; like most small businesses, but then due to my hard work and customer service, I had to expand to meet demand. Each time I added people to the team, I seemed to be rehashing over and over again my theories on business image. Often I would have to harp on the issue with part time employees or even summer help. What I needed was a manual. However, being a head strong entrepreneur in those days, I like many entrepreneurs of small businesses said; "What do I need a bunch of manuals or even a business plan for that matter?" After all most of us know our businesses very well and we do not have to write it down. We just know thru intuition what will work and why and surprisingly we end up making few mistakes, but when we do they are usually quite large and costly lessons.
How to be Annoyed and Make Money
When do annoyances in a relationship become too much to bear?
Small Businesses You Can Start in Automotive
There are many choices when thinking about a small business involving your favorite hobby, cars. What about a Mobile detailing franchise? Yes they too are available. As a matter of fact there are many such choices and each is a little different let me explain.
Building A Business That Works For You
Before you want to build your business, you need to know why you are in this business.
How To Make Sure Your Customers Still Trust Your Small Business
The stock market is still on a wild roller coaster ride. Trust in business is at an all time low. Do your customers still trust you? Here are seven ways to help you make sure.
Trailblazer Interview with Diane J. Levin, Partnering Solutions
Today is a Red Letter Day! It's special because today is the first edition of the Trailblazer Interviews.
When to Say NO!
When is it a good thing to say no to a request?
Seven Common Mistakes Made By Small Business Owners
Most new small businesses won't be in business this time next year. That's the cold hard facts. Though it is easy to start your own business, it takes a lot more to succeed in business. There are seven common mistakes made by small business owners. Let's explore them so you can avoid them.
Grab Your Consumers Attention in a Cluttered World of Marketing Communications
A cluttered world of marketing communications diminishes the ordinary. The consumer can no longer be bother with the dull, trite and a boring hodgepodge of marketing communications that are pandered in front of them every day. They simply haven't the time, nor are they willing to figure out what irrelevant messages warmed over with pseudo-showmanship the marketer is selling them.
So You Don?t Believe in Outsourcing
Entrepreneurs are hardy stock. But sometimes hardiness can get you into trouble.
How to Protect Yourself & Your Business
As a business owner, you already know how important it is for your customers to feel safe about doing business with you. After all, if a customer even suspects he may not receive everything he was promised, then chances are he's taking his business elsewhere. So to prevent that you offer guarantees, secure payment methods, prompt customer service, and more. You do whatever it takes to show each customer that you are sincere and trustworthy.
Who Makes the BEST Alliance
What types of companies do you want to align yourself with?
Mobile Pressure Washing and Cleaning Scheduling
If you own a mobile car washing, pressure washing or auto detailing business you know that when your crews and machines are parked and working that you are making money. You also know that when those units and crews are driving or stuck in traffic you are losing your shirt in costs and inefficiencies. If you are to expand your mobile washing business to multiple units running in multiple cities you will need to have a strict scheduling policy and operations manual to insure that efficiencies are maintained. Today with the highest fuel costs ever in our nation's history and the increased traffic over the last five years it is ultra critical that you plot out your routes, customer locations and time with precision.
Where to Find a Cash Windfall of $10,000 to $1,000,000 -- You Never Knew You Had
There is a rather famous true story called "Acres of Diamonds".
How to Profit from Business Consulting Opportunities
Business consulting opportunities might be just what your are looking for in a home based business.
The Misconceptions of the Value Of Disclosures in Franchising
Disclosure laws in franchising are suppose to help the consumer. They don't. The FTC, which over sees franchising has in fact created a rule, which makes 5 lb. Disclosure documents for franchise buyers, which is so huge that no one ever reads it. I know when I personally meet a franchise buyer whose application form is approved and hand them a UFOC, Uniform Franchise Offering Circular with attachments and watch their jaw drop and then their hand drop when they clutch it in their hands (due to the weight of the 155 to 200 pages), I see a blank look. I apologize every time for my unreasonable government and the US legal system for the rules.
Pressure Washer Concrete Cleaning Equipment
Cleaning concrete is tough and there is an easy way and a hard way. There is one thing you need to understand when you are pressure washer cleaning concrete; the concrete cannot always be made to look brand new again after it has been stained. You can always get stains lighter or bleached but completely removing it is very difficult, sometimes you get lucky, but if you are looking for perfection, chances are you will be underwhelmed. So when talking to customers let them know up front and explain this to them otherwise they will be asking for a job that just can't be done unless the entire concrete slab is ripped up and re-poured.
How To Start a Small Business
Not sure how to start a small business? This guide will offer you some useful tips on the basic requirements of starting a small business.
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