Business leaders have long known that the economy was going into a recession. It's important to prepare a business for any economic challenge, whether it's externally or internally driven. With accelerated technology and startup growth, eventually, there will be a slowdown. Technology and startup leaders must be prepared to ensure their business fares well.
You can't build your business or do effective marketing unless you know who you're selling to. These initial decisions will guide your sales and marketing team to be its most successful and scale your company faster. Do you know who's going to be buying your goods or services?
When you've exhausted time and resources chasing down an unpaid invoice, it's time to send that invoice to third-party collections. If the client isn't responsive to your efforts to connect or they're refusing to pay or cannot pay, it's time to send the account to third-party collections. If you've written off the account as bad debt, it's still time to send it to third-party collections.
Let us help recover what's owed to your business.
With the federal reserve raising interest rates for the first time in nearly 30 years, economists are expecting a slow down in business growth. They've been talking about a recession for a few years now but then we were hit with a pandemic that shook up everything from the supply chain to the location of the workforce. If you are growing a freelance business, you're likely concerned about what to do if your own business slows down. Is your business recession ready?
When your business contracts with another business, there's an expectation that both parties will honor their obligations, including paying on time. If your clients or business partners aren't following through, your accounts receivable department must devote time and resources in an attempt to collect. Or you can outsource the problem to a collections agency that focuses on this type of debt and respects your client/business relationship.
If it ain't broke, don't fix it. But do you know if your collections efforts are broken?
If your business has established in-house (first-party) collections, accounts receivable and/or debt collection agency partners, it is still a good idea to ensure you're leveraging the best resources, technology, and vendor pricing available.
When tragedy happens in America, regular life grinds to a halt. For business marketers and executives, their daily tasks come with heavy consequences. Both internal employees and the public often jump to conclusions based on your business' reaction or lack of reaction. With the gun violence in recent weeks, many organizations are left wondering what to say or do.
Businesses often tout that they are "customer-focused" but in fact, they may only be focusing on what they assume the customer wants. Unless they're really taking the pulse of those they serve, through surveys and communication, the business may be more internally focused than keeping clients happy. Can business leaders help change the focus?
Commercial credit analysis evaluates corporations to determine if they can pay their financial obligations. Although this is pre-engagement and on the front end of the A/R and collection process, it’s still an important part of any B2B accounting process. To help reduce delinquencies and bad debt write-offs, businesses should put focus on the front-end credit analysis process prior to contracting with a new client.
When hiring a qualified accounts receivable specialist, it's important that they have the right skill sets. They're going to be speaking with your customers directly about one of the most uncomfortable topics - money. They need confidence, persistence and enthusiasm, and also they need the proper training. We took a look at A/R job descriptions for a better idea of what's required.
