Maintain your old Siemens Hipath system

Collect that Debt - Your Business Depends on it

The efficiency of debt collection is the difference between a business that will succeed and a business that closes up.

If you do not have control of your debt collection then you will eventually fail. All businesses that grant credit will be faced with the problem of bad debt at some stage. The best way to deal with bad debt is to have a good debt control system in place.

There are three types of bad debt:

  • Can pay.
    This is where your debtor can pay but will drag out non-payment as long as possible. They do intend to pay but only at the last moment.
  • Can't pay.
    This type of debtor have no means of paying the debt either momentarily or ever. They are not necessarily avoiding payment but do not have the means to do so.
  • Won't pay.
    This type of debtor is the worst. They will try to get away with not paying, know the debt collection routine and will not pay until the matter goes either to court or through a debt collection agency.
  • The solution to this is to get your money when it falls due or have a collection procedure that does not let your debtors get away with anything. Once you stop chasing the money that is due to you the amount owing to you will increase. The longer you allow a debt to remain unpaid, the less chance you have of recovering it.

    There are three ways to collect debt:

  • By yourself.
    This is the least costly method and involves phoning the debtor, sending letters and as a last resort, going to court to have the debt paid.
  • By a lawyer.
    This involves having your lawyer send letters of demand before it is taken further. A fee will be charged dependent on how long it takes for the debt to be recovered. If going to court is involved and your debtor is forced to pay you through a court order your legal fees could be recovered. However if not, then you will have to cover the court costs as well.
  • Debt collection agencies.
    These are firms such as Baycorp, who specialise in the collection of debts. A percentage of the amount collected is taken as a fee. If the debtor does not pay the debt it will usually affect their personal credit rating.

  • Copyright 2005 StartRunGrow
    http://www.startrungrow.com

    StartRunGrow (http://www.startrungrow.com) is a global online information organization that specializes in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.

    In The News:

    Undersea 'blasts' recorded at same time Russia-Germany gas pipelines damaged
    Tue, 27 Sep 2022 09:39:00 +0100
    Mysterious leaks in the Nord Stream gas pipe network began with "powerful subsea blasts" and may have resulted from an "act of sabotage".

    Qatar 'conscripting civilians and summoning diplomats from abroad' to do World Cup security
    Tue, 27 Sep 2022 11:31:00 +0100
    Qatar has called up hundreds of civilians - and summoned back diplomats from overseas - for mandatory military service to operate security checkpoints at World Cup stadiums.

    Eleven children among 17 killed in Russia school shooting as wounded to be taken to Moscow
    Tue, 27 Sep 2022 13:15:00 +0100
    More than a dozen children wounded in a school shooting in central Russia are being transferred to Moscow for further treatment.

    Shakira to face trial over alleged £13m tax fraud
    Tue, 27 Sep 2022 12:16:00 +0100
    Shakira is set to go on trial for tax fraud after a Spanish judge approved proceedings against the pop megastar.

    Lawyer facing charges in case linked to Kenya's president found dead
    Tue, 27 Sep 2022 11:31:00 +0100
    A lawyer facing charges at the International Criminal Court (ICC) in a previous case linked to Kenya's recently elected president has been found dead.



    tikatoshop.it

    Erfahrungen mit Pallhuber Wein
    Agen Bola SBOBET Terpercaya

    Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

    5 Good Reasons a Self-Employed Professional Should Take Vacation

    So you think you're not justified in taking time away... Read More

    Bringing Home the Bacon

    In general, all of us know how to accomplish the... Read More

    Effectively Completing the Operations Plan Section of Your Business Plan

    The Operations Plan is a critical component of any business... Read More

    Market Makers Play a Significant Role in Reverse Mergers

    One overlooked individual in the process of taking a company... Read More

    Using Technology to Manage Customer Loyalty

    Don't let your customer satisfaction research initiative collect dust on... Read More

    How to Make Your Business Image Stand Out Above The Crowd

    Traditional advertising methods are still being used for almost 90%... Read More

    The Beauty of Focus and Plan B

    Did you ever have one of those days or weeks... Read More

    Profits are within 6 Degrees of Freedom

    How far away is the person you need to meet?We... Read More

    Debt Collection Techniques

    Here are some sound debt collection techniques that can be... Read More

    Business Failure, The 8 Traps Causing Failure And The One Attribute Which Ensures Business Survival

    It is estimated that 78% of all small business start-ups... Read More

    Employee Induction - Are you Inducting your People - A Practical How To

    In today's fast paced marketplace it is easy to neglect... Read More

    Awning Cleaning Business Case Study: Entrepreneurship 101

    It is most fascinating to study how entrepreneurs spot opportunity... Read More

    Lawyers Everywhere Telling Regulators What Laws to Make

    The Federal Trade Commission decided to sit down and revamp... Read More

    Collection Agency Selection

    Frankly, given the legal and regulatory requirements involved in attempting... Read More

    Arranging Your Fundraiser

    When deciding to host a fundraiser for your company or... Read More

    Are You Making These Mistakes In Your Business?

    You've probably heard the statistic that 95% of small businesses... Read More

    A Look at Incorporating a Business in Florida

    As you may know, there are many ways to incorporate... Read More

    Share Ad Expenses to Boost Profits

    The challenges of the small business owner are well documented.... Read More

    Alliances: Drawing The Line

    How far can you go based on your relationship with... Read More

    How to Give FREE Advice and Make Money

    When is advice free and when should you charge for... Read More

    Over Disclosure Hurts Businesses

    Many investors and business ethics professionals are calling for more... Read More

    Three Small Business Secrets to Getting More Billable Time

    As small business owners we're in business to make money... Read More

    Small Business Essentials: Start Here

    Thinking of starting a business on line? If so there... Read More

    Big Successes Never Happen Overnight

    Treat your business as a serious, full-time business and be... Read More

    Get Free Payroll Forms Download from the Internet

    Having a successful business means also having a good working... Read More