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May22
Getting the Green

I was just reading a book called The Renegade Writer, a totally Unconventional Guide to Freelance Writing Success, which has nothing to do with a Business Credit policy.  When I got to chapter 8, "Don't be shy when it comes time to collect" I had to share it with you here.

My point being that every business venture has the issue of having to get paid, this might entail setting up some type of policy, it could be simple or go into great detail.

As a writer I know MANY authors who fall into the trap of not being paid and not knowing what to do about it, or not wanting to call or send a letter for fear of alienating the publication or person who owes them the money.

EVERY business needs to address this issue and make sure they get paid, do not work for free!  In this book Linda Formichelli and Diana Burrell explain how when an editor or publisher tells you a check is in the mail, don't just thank them and hang up to then go on to obsessively check your mailbox every day for the check.  ASK for a check numer, and the date of the check BEFORE hanging up!

If your calls and letters are being ignored go to someone else and ask why they aren't paying you, ask them if they were happy with your work but let them know you won't be able to write for them because of the non-payments. This works great if you take your editor out to lunch or for coffee and mention how hard it is to get paid from their publication.  Editors will be embarrassed and can help you get paid.

You then need to think about if you even want to work for a publication that is not paying you, or ignoring your calls, move on.  Do not work for free!

The biggest advice I can give someone who is not getting paid, wether your an author, writer, street sweeper, babysitter or house cleaner - SEND AN INVOICE!

Some people think if they signed a contract, then did the work, they will just get paid. It doesn't work out that way, be SURE to send an invoice in every instance!

Good luck!

May21
Tips for Closing a Collection Call
Be Firm. This is a common mistake among collectors, to get caught up in the story or excuse. As valid as an excuse may be, you still need to get paid.You can work with someone who is having a hard... Continue Reading
May20
Critical steps when closing a Collection Call
What is the most critical statement a collector can make before hanging up with a customer? Look at the debtors account and depending on the age of the debt, how many times you have contacted the debtor, the dollar amount... Continue Reading
May19
Closing the Call Checklist
REPEAT - "You will mail $25 today and then $50 each Friday until your balance is paid in full." CONFIRM - send a confirmation letter with a stamped addressed envelope.FOLLOW UP - call the debtor the day before the check... Continue Reading
Common Telephone Collection Mistakes and How to Avoid them
A common mistake collectors make is not following up or repeating what the debtor must do. Such as they must mail a check tomorrow or by Friday, and for how much, be VERY specific. ALWAYS send a confirmation of your... Continue Reading
May18
Closing a Collection Call Efficiently
Once a collector overcomes customer objections and has talked about a payment amount that will keep the consumer on track, how does he/she close the call with the confidence that the payment will arrive on time?Once you have worked out... Continue Reading
May17
Mortgage Headaches Out of Control - how does this affect your business?
I recently wrote an article about the mortgage situation going on all around us, if you drive down any street you can't help but notice all the for sale signs in front of all the homes.  You may think this... Continue Reading
May10
Give me 1 Month and I’ll give you More Money in 2 Easy Steps.
When I worked as a Credit Manager I loved the challenge of coming into a new position and cleaning up the accounts receivables or collecting more money than anyone else. I like to challenge myself and would then use my... Continue Reading
May 4
What everybody ought to know about New Accounts
Most business owners no matter how big or small still get excited about a new account.  They also normally have some type of new account procedure, though not always.  When you don’t have any guidelines to follow when you obtain... Continue Reading
May 2
How to Make Collections & Cash Flow More Timely
Doing collection work is never fun, and business owners have to make their calls effective and friendly in order to maintain a relationship and get paid.  Some businesses have almost gone out of business because of a lack of cash... Continue Reading

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