Archive for March, 2010

Plan of Action – Part 2

Posted on March 29, 2010 by Saldutti

“Creditors have better memories than debtors.” ~ Ben Franklin, Poor Richard’s Almanac As a business owner, it is inevitable that you will run into overdue debt at some point.  Given the state of our ever-so-slowly recovering economy, businesses are faced with this issue now more than ever before. A large number of customers – both individuals and other companies – are putting off paying their bills due to financial strain, lack of organization or plain old forgetfulness. It is vital to have a solid plan of action in place to arm your business with the essential tools it needs to…

Plan of Action – Part 1

Posted on March 23, 2010 by Saldutti

“No man’s credit is as good as his money.” ~ E.W. Howe, Sinner Sermons  As a business owner, it is inevitable that you will run into overdue debt at some point.  Given the state of our ever-so-slowly recovering economy, businesses are faced with this issue now more than ever before. A large number of customers – both individuals and other companies – are putting off paying their bills due to financial strain, lack of organization or plain old forgetfulness. It is vital to have a solid plan of action in place to arm your business with the essential tools it needs…

Warning Signs of Potential Debt Problems

Posted on March 15, 2010 by Saldutti

Protect yourself and your business by paying attention to these warning signs: Numerous inquiries from other suppliers or financial institutions about one of your accounts Customer asking for clarification or proof of services more frequently Financial downswings, natural disasters, or loss of major employer(s) in the customer’s geographical area General slow downs or loss of business in the customer’s industry Your sales force plays a key role in detecting possible debt problems – they may notice these warning signs first: Order levels shrinking Empty shelves in the warehouse or retail floor Plant operating at less than capacity Your client’s major…

Collecting Debt Can Preserve the Life of Your Business

Posted on March 09, 2010 by Saldutti

If your business is owed money and all initial attempts have failed, a legal collection firm is critical in today’s environment.  Rather than utilize your own company’s valuable time, resources and manpower, a legal collection firm is experienced in tracking down debt that is rightfully owed to your business.  The firm will work with a company to develop timelines and strategies to collect debt in a manner that is acceptable to both the business as well as the debtor.  A collection law firm has a significant advantage over a collection agency, offering its clients the ability to take further legal action…

Top 10 Excuses Businesses Use for Not Paying Invoices

Posted on March 02, 2010 by Saldutti

In today’s tight credit environment it is even more important than usual to stay on top of late-paying customers. More and more purchasers are looking for opportunities to extend payment terms, and for some this can mean finding excuses either to pay late or not at all.  Some of the classic or more common excuses for not paying invoices include: We haven’t received the invoice Our terms are (30, 60 or 90) days We don’t have a payment run until next month There are no check signatories available The check is in the mail/the invoice has already been paid The…