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Apr30
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Most Entrepreneurs don’t realize that their personal credit is crucial to their ability to successfully run a business. When you first start a business your personal credit is what is used to determine the types or if any credit will be extended to you. Your personal credit will also affect the rates at which credit is extended to your business. Credit is something that is hard to come by right now and will be harder to come by in the coming months. Since you are just starting your business, it doesn’t have any credit built up, which is why your personal credit is used until you can build up credit for your business. Some businesses are not considered separate from the owner so the credit is shared, those are sole proprietorships, general partnerships and limited partnerships. Even though you have a taxpayer ID number for your business, your personal credit and social security number are still used to determine your business creditworthiness. Your best strategy is to talk to a few banks, credit unions or invesotrs if you need a business loan and then decide where to apply based on many different factors including the interest rates offered. With lenders tightening their standards because of the state of the economy, make sure you have all your ducks in a row before applying for credit anywhere!
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Apr30
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Yesterday's Wall Street Journal reported that credit card companies are cracking down on their credit approval process. The Federal Reserve wants to restrict some common moves by credit card issuers, such as raising interest rates on troubled borrowers. Proponents say...
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Apr29
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Last night I had the pleasure of being on a live radio show called “Today’s Author” with David Ewen. The show was about my new release, the 3rd edition of Starting a Collection Agency, how to make money collecting...
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Apr28
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Today, the Wall Street Journal reported that bad debts prompt a change in billing and that hospitals are demanding cash up front from their patients. Traditionally, hospitals bill patients after they receive their care, but now with more increased...
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As you collect from any past due customers keep in mind that the Government Stimulus checks are starting to go out next week, people who opted for direct deposit will have their stimulus money this week. Customers can use...
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Apr27
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Did you know…. There was a 57% increase in home foreclosure filings in March, compared with the same month last year? Keep your eye on the economy for the next year and a half and make sure your business...
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If your business extends or offers credit you will want to really take steps to minimize your exposure to high-risk debt in the coming months. You may have noticed that many banks and lenders have much stricter guidelines for...
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Apr25
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High gas prices, rising unemployment, and a bad economy have made it tougher for people to pay their bills and live week to week. I recently read an article “A bad economy can mean a boost in business for...
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Apr24
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There are two easy things you can do to protect your business today: Make sure every account is up to date on payments, start working on them now if you haven’t been. Make sure you have a signed credit application...
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Apr23
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When I first started working in an office I was an administrative assistant. At the time, I just needed a job and had the skills but soon found out that an administrative assistant is someone who does anything and...
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Many industries are clamping down on their credit policies as a result of falling profit margins and slumping demand for products during the first three months of 2008, according to a quarterly survey by the National Association for business...
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Apr21
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My fellow blogger Bud Bilanich, the Common Sense Guy, has written a new book to help people like you to build a successful life and career. Most successful people share 5 important traits, so if you can work on...
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Apr17
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Choosing a professional collection service to manage delinquent accounts and other related tasks is a wise decision. The agency should represent your organization in a responsible and professional manner, and provide a satisfactory rate of recovery while maintaining your...
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List collection agency accounts on special listing forms. Accurate information about the account will improve collections. In all cases, the minimum information should include: the correct name, address & telephone number of the debtor name of debtors spouse whether...
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A Professional collection service can assist you in collecting accounts that remain delinquent. Collectors have a vast knowledge of collection techniques, technology and compliance issues. Using a professional collection service will save time and likely yield better results. Look...
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You should have a standard, in-house written policy on handling accounts. The policy should include when to call new customers, when to call established customers and when to send letters. It is up to you unless you hire a...
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As a credit grantor, your business is one of many that allow consumers to use goods and services immediately and pay for them later. While extending credit increases your gross sales, it also puts you at risk of some...
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Apr15
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Most Entrepreneurs don’t realize that their personal credit is crucial to their ability to successfully run a business. When you first start a business your personal credit is what is used to determine the types or if any credit...
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Apr14
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Having a credit policy is important to your business so you can prevent past due accounts and have fewer bad debts. When you don’t have a credit policy you create more work, stress and aggravation for yourself or the...
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Apr10
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If you extend credit, you are a lender. Have you raised your standards for customers that want to be credit approved? You should. The slowdown in borrowing and spending is not a surprise, we all saw this coming. As...
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Apr 9
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Here on Know More Media there are many different business blogs to help business owners with every aspect of their business. Susan Gunelius who writes the Marketing Blurb blog has posted about the release of my new Third edition of...
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Apr 8
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The Federal Reserve's 2007 study of what makes up the check market shows that nearly 50% of checks that are written are consumer to business checks.According to the Federal Reserve the highest percentage of check writers are consumers at 58%...
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Apr 3
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Are you finding that more and more of your customers are becoming past due or are unable to pay you? Are you making less sales? This is all directly related to the recession and how it affects consumers and...
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Apr 2
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As a credit grantor, you should be aware of some basic principals: Granting credit carries an unavoidable element of risk. You will have some losses regardless of how closely you screen applicants. There are some fundamental procedures that can...
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