Getting Paid – Improving Credit & Collection Policies

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Let’s face it….better collections mean more cash….more cash means a greater ability to fund future growth…..more growth equals more profit (most of the time).

When a business owner seeks to expand his company one of the most important steps that can be taken is to review the company’s current collection process. Instead of looking at collections as just another financial operation, it should be viewed more creatively and seen as a means to acquire financial gain. Improving your collection processes leads to fewer outstanding account balances, fewer bad-debt write-offs, and, therefore, better working capital that you can put to good use—-the growth of your business.

This article discusses:

  • Credit worthiness
  • The importance of having a written, signed contract
  • Organizing contract information
  • Recordkeeping
  • Eliminating barriers to payments
  • Maintaining an aggressive approach to collections
  • Focusing your attention on distressed and delinquent accounts
  • Claims
  • and more

Collecting money for services rendered is a basic necessity for business growth in addition to doing quality work, getting new customers, building a reputation of excellence, in addition to keeping your existing customers happy.

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