Monthly Archives: September 2015

Maximize Your Collection Policy

For a business, collecting money can present major obstacles. The magnitude, persistence and complexity of the problem prevents businesses, large and small, profit or non-profit, from achieving their full potential.  In any economy, it is incredibly important to create a

Posted in Resources Tagged with: , , ,

Factoring

To factor or not…that is the question. Factoring is a process used by some high growth companies.  In this model, essentially, you sell your outstanding receivables to another company which then collects the balances due. The factor will give you

Posted in Resources Tagged with: , , ,

Feel Felt Found

The feel, felt, found technique is a powerful tool for improving your cash flow. Having to deal with slow-paying and non-paying customers is by far one of the most challenging responsibilities we must face in the world of sales and

Posted in Resources Tagged with: , , ,

Winning

The sooner you find out your customer has no intention of paying, the better. The best recovery technique is the willingness to be in communication and the willingness to lose. The willingness to communicate with the other person includes listening

Posted in Resources Tagged with: , , ,

Payment Plans

What About Payment Plans? Suppose you tried all the strategies for getting payment in full and they have all bombed.  One of your options is to offer payments. When you make this offer, make it clear to your customer that

Posted in Resources Tagged with: , , ,

Cash Flow Success

Keeping account information accurate and current is vital to cash flow success. The more information you have, the better. Credit is a business tool. Focus not only on having a clearly stated and specific credit policy, policy goals and a

Posted in Resources Tagged with: , , ,

Acknowledge Feelings

How do you deal with upset customers that cannot pay you? The main job of a recovery specialist is to listen. Not to what the customer is saying, but to what the customer is REALLY saying or not saying. Suppose

Posted in Resources Tagged with: , , ,

High Cost of Aging Receivables

Today’s economy can be uncertain for some businesses and time is of the essence in capturing payment on your company invoices. The older your account receivables become, the lower your chances of recovery and the more negative impact they have

Posted in Resources Tagged with: , , ,

Waiting Game

How long are you waiting to turn over your aging receivables to an outside party? Let us consider past-due accounts averaging up to four months old. These are approximately 75 – 80% recoverable. For you it may be 90% or

Posted in Resources Tagged with: , , ,

Genuine Listening

“The most basic of all human needs is the need to understand and be understood. The best way to understand people is to listen to them.” — Ralph Nichols Genuine listening has become a rare gift, but it is one

Posted in Resources Tagged with: , , ,