Archive for September, 2010

Secrets to Getting Paid

Posted on September 29, 2010 by Saldutti

Hate collecting your money? Join the crowd. Recent OPEN Small Business Network Polls from American Express shows accounts receivables is the top cash flow concern of small business owners.  You started your business to make a difference, to delight a customer, to express your vision, not to become the bank of choice for your customers. Handling the debt collection process is a responsibility of successful business ownership. Too many small businesses place aging receivables and collections as a low priority. It’s important to monitor your cash flow and aging receivables on a monthly basis or more. It’s ok to write…

Credit Policy … Take Two!

Posted on September 21, 2010 by Saldutti

Because we feel that a Credit Policy is an invaluable tool (and a necessity in today’s unstable economic environment), we’ll further expand on last week’s post.  By definition, a credit policy is simply “clear, written guidelines that set (1) the terms and conditions for supplying goods on credit, (2) customer qualification criteria, (3) procedure for making collections, and (3) steps to be taken in case of customer delinquency.” Every business that doesn’t accept payment at the time of the sale must have a credit policy in place or they run the risk of losing money.  This doesn’t have to be…

Credit Q&A

Posted on September 14, 2010 by Saldutti

Do you have a question about credit or collections?  Do you need advice on how to handle a late-paying customer?  Do you have concerns about your credit application?  Email us with your concerns – and we’ll post your questions, along with our response, on a future blog post or in upcoming newsletters.  Contact us at newsletter@saldutticollect.com. Q&A – Creating a Credit Policy One of the most frequent questions we receive from our clients pertains to their credit policies.  We’ve discussed in a previous post how crucial it is to implement a credit policy (see The Importance of a Solid Credit…

Show Me the Money!

Posted on September 07, 2010 by Saldutti

According to a recent Experian report, the national average number of days that businesses paid their bills beyond contracted terms increased by 2% in July compared with June. When compared with six months ago, the average payment beyond contracted terms has increased by 3.3%. The Experian report also showed that the national average dollars delinquent and dollars severely delinquent (91 or more days) are up (6% and 13%, respectively) when compared with six months ago. If your business is owed money, there are many ways to handle the situation – as we have discussed in numerous posts.  However one of the most…

Money 101: Life Lessons for Kids

Posted on September 01, 2010 by Saldutti

Did you know … The average college graduate has nearly $20,000 in debt? Nearly one in five 18 to 24year-olds is in “debt hardship?” Undergraduates are carrying record-high credit card balances – the average (mean) balance is $3,173? Now more than ever before, it is vital that we teach our teens and young adults about credit.  One of the reasons so many Americans seem mired in bad debt is that financial education is practically nonexistent.  The life lessons we have learned through the years are not regularly taught in schools.  While access to credit might be harder to acquire now…