subject: Collection Agency Has Three Tips to a Successful Summer [print this page] Collection Agency Has Three Tips to a Successful Summer
Summer has officially arrived which means many small business owners are busy making hay while the sun shines'. Landscapers, plumbers, and other contractors spend their days scheduling and keeping appointments, many working sun up to sun down to get the most out of their days. This can make it difficult, if not impossible, to find proper time to follow up on overdue accounts. There are a few steps you can take before bringing in a reputable collection agency. This summer, do not let your accounts receivables process take a vacation. Employing three tips which have been successful in the collection industry to your business plan this summer can make keep your bottom line as hot as the temperatures outdoors.
Collect fees at time of service: Customers can get caught up in summer events and delay payments after services rendered. By collecting fees at the time of service, no time lapses which can give your business the funds necessary to keep operations running smoothly.
Invoice on a regular basis: Be sure your bill lands on the top of the pile by acting as early as 30-days past due on delinquent accounts. The longer a bill goes unpaid, the longer it will take to collect on that overdue bill. Happy customers help your company keep a strong reputation and client base. Consider a cordial customer service call to find out how the service was and bridge your conversation into the unpaid invoice.
Develop a plan: A thoughtful strategy that includes a more aggressive approach when payments are ignored will help you stay on top of your company's overdue accounts even during busy times and will help you avoid pitfalls that can put your business at risk financially. That plan should include a third-party collection agency.
In reality, some small business owners simply have neither the time nor the staff available to thoroughly follow up on overdue accounts. At this time, it is wise to employ assistance from a reputable collection agency. A reputable firm looks to achieve success by making your company successful by making it affordable for your business to employ their services. Find an agency that offers a flat-fee system that charges a low, one-time fee (sometimes as low as $10-$15 per account) regardless of the amount being collected. Exceptional collection agencies also offer customer-driven technology which allows you to remain in control by managing your company's accounts receivables in real-time, on-line, anytime day or night.
A few simple tweaks to your business plan this summer can help you make the most of the long, warm days by keeping your cash flow healthy and your reputation solid. Also, when needed, help from a reputable collection agency can provide your business with a team behind your team to improve accounts receivables and free up your time to concentrate on what is important your business and customers.
