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May30
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Now that you have a cash flow plan you will want to make a list of all your bills and really look at them to see how you can save money. Do the same thing with your bank statements, check each statement, compare a few banks, check what they charge for monthly fees, overdraft fees, monthly service fees and orders for new checks. Make sure you have the best deal for what your business needs and don't pay for things you don't need. When times are tough you have to remember that being in business is just that, business. Keep your emotions out of it and make sure you are only paying for what you need and want.
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May30
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You are probably wondering, what is a cash flow plan?A cash flow plan can consist of cost reductions, new marketing strategies, debt reduction and specific ways you can increase your bottom line. To reduce costs you might get rid of...
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Collections from accounts receivables usually represents the bulk of companies cash receipts. Companies who don't pay attention to their accounts receivables are missing out on all of the income and profit for work that has already been done!The most effective...
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When making collection calls you must ask questions that require specific answers. Ask all your questions with precision and make the transistion from questions to a payment arrangement easily.All your questions should be clear and to the point, with silence...
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May29
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When you pick up the phone to make a collection call, you will have already checked out the customers account, but do you have an opening line?You will want to know what you are going to say before the customer...
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May28
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Never make a collection call without researching an account first. Check the account in the computer, make sure you know what the balance is for, when the last pay date was, the invoices etc. You need to have a plan...
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When you make calls to customers that are past due, brace yourself for an emotional phone call. That emotion might be anger, embaressment, sadness and could entail crying, swearing and yelling.Be ready for this. Making debt collection calls is hard...
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When you are making collection calls to your customers there are some things you can do to make those calls more effective. You want to get the most out of each call because lets face it, no one likes making...
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May20
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When doing debt collections for your business, now more than ever you need to have certain skills that will help you to collect more money.One of the most important traits to have is that you must be interested in working...
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May19
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Jevic Transportation, a trucking company that has been in business 27 years has closed. Their website has this announcement: “I regret to inform you that Jevic Transportation Inc. will be discontinuing operations. The current high fuel costs, economic downturn,...
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As we struggle with our customer’s during this recession we may have to give our business credit policy a check-up. When you wrote your credit policy, most likely the economy was thriving, now that it is struggling your credit...
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May18
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When I ran my collection agency I would get clients who would place an account with me but did not have any documentation. For example, a credit application, a contract or agreement, a purchase order or copy of the...
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May15
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Late on a car payment? Beware! Impatient lenders are calling the repo man! It’s 3 a.m. do you know where your car is? If your late on your payments, your local towing company probably does! As more and more...
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May14
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Do this TODAY! It is imperative that you protect your business during this credit crisis!Print out credit applications and put them at your front desk or by your front door.Have every new customer fill one out and sign it.Check...
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May13
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Today’s Wall Street Journal reports that more lenders are tightening their credit standards because they are feeling the sting of missed payments and losses of loans they gave out to small businesses. Tightening their lending standards helps them to...
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Yesterday U.S. News & World Report published an article about how small business owners can use friendliness and firmness to help them with their collections. Give out as little credit as possible.If you are going to lend money, think...
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May12
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Small business owners are looking for some practical advice about how to do debt collection in a recessionary economy. As things get tighter, this is one of the ways they can improve their bottom line and in some cases,...
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May10
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I have a great question someone asked me this morning. This person is the debtor and did not respond to the creditor when they were trying to collect. The creditor placed the account with an attorney and here is the...
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May 7
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Banks are toughening up on lending terms resulting in it being harder to borrow. The economy has slowed to a crawl and banks are being tougher on credit score requirements and requirements for getting a line of credit. You...
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May 6
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As you make collection calls you will be running into many excuses, you have to make sure you are ready for them if you want to get paid! Here is a scenario of how one call could go: Example: Debtor:...
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May 3
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The Miami Herald printed an article about creditors versus collection agencies and the laws each must follow.This has been something that has been getting a lot of attention lately, some business owners aren't sure if they have to follow the...
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May 2
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Tax rebate checks have starting being deposited and being mailed! What will you do with yours? These checks are supposed to be to spend on "fun" items in order to boost the economy. Most poeple won't be doing that! Here...
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May 1
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Today I am pleased to have Krista T Walsh the President of KC Collect! and a member of my Credit & Collections Association as my guest blogger! Many business owners, especially NEW business owners, are so eager for a sale that...
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Hopefully your customers will pay you with their Government Rebate checks! A story in the Wall Street Journal yesterday tells us that many consumers want to go out and make purchases of things they want, like new televisions or...
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