POSTS TAGGED : collections

8 Do’s and Don’ts When Confronting a Customer about Delinquent Accounts

If you’re a small business owner who operates on credit, than you know all too well what it feels like when a payment date passes and you still haven’t received your check. To get paid, you have to confront the customer.

Confronting a Customer about Delinquent Accounts

However, this communication is crucial, so make sure when an account is first past due, you follow these 8 do’s and don’ts to reach out to the customer successfully.

“¢   Do send a letter first – When the payment date first passes, immediately respond with a reminder letter.

“¢   Don’t send a generic letter – Don’t send the same letter to all customers.…

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Guarding Your Balance Sheet – Tips for Survival in Today’s Volatile Market

saving money in a down economyAs the recession continues to extend into 2010, we continue to be inundated by news about the challenges that face the small business community.

While we are not completely out of the woods in terms of the economy, there are several things that small business owners can do to protect their businesses during these challenging times:

Manage Collections: Outstanding invoices should be aggressively followed up on round-the-clock. Having unpaid invoices will create instability. Be aggressive and assume the worst.

Collect Upfront: Make sure that all of your contracts stipulate payment upfront. Net 30 can stretch into Net 60, then you are stuck doing work for 2-3 months without being paid.…

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