How Does Supply Chain Financing Help Business Relationships?

A solid cash flow is essential to the success of any growing business. Good relationships with your business partners are just as important. Supply chains involve several businesses along a network to provide an end product to a customer. If any payments are delayed along the way, it can cause tension within the relationships and challenges with the manufacturing process. 

One way to mitigate these challenges is through supply chain financing. What is it, and how does it help business relationships?

Pros and Cons of Sending Clients to Collections

If you're stalling on the idea of following up on past due invoices, don't fret.  Sometimes it takes a little research to move forward on something that's uncomfortable or unfamiliar. We've pulled together some reasons why you might be hesitant and how to move past those obstacles. 

Here are some pros and cons of sending your clients to collections.

Use this Template to Remind Clients to Pay

Getting frustrated or writing off client invoices isn't going to get them paid. An unresolved problem remains unresolved unless you do something about it. When a client agrees to pay for goods or services that your business is offering, it is well within your rights to request that they pay you. 

If you're unsure what to say, use this sample template to remind clients to pay your business.

Spring Cleaning Finds More Cash For Your Business

Have you ever deep cleaned your house and found coins in the couch cushions or bills in the laundry? The same can be done for your business! With a few extra tasks, you can increase working capital and breathe a little easier for the rest of the year. 

Use these spring cleaning tips to find cash for your business.

4 Money Myths That Might Explain Why Your Business Is Not Getting Paid

Unfortunately, many of us learn from hard lessons about money in adulthood. When you run a business, there are more hard lessons to learn, often at a high cost to your success. Certain expectations can actually be harmful to your business's cash flow. Take a look at these assumptions to see if you need to re-examine your thoughts around money and your business.

Here are 4 money myths that might explain why you're not getting paid.

Self-Care for Entrepreneurs When Life Feels Overwhelming

As if starting and running a successful business isn't challenging enough, sometimes life throws curveballs. Whether it be illness, an accident, world events, or caring for family, entrepreneurs must prioritize their health and well-being. These practices can also be expanded to form a well-being program to include the employees who keep your growing business afloat. 

Your business and family depend on you. Here are mindful self-care practices for entrepreneurs when life feels overwhelming.

How to Collect Past-Due Customer Payments

Enterprise Recovery is a debt collections agency that specializes in B2B account recovery. We do our best to recover what's owed to hard-working companies so they can retain working capital and continue their successful business ventures. We also educate on the best practices required to collect those debts before turning to a professional debt collections company. 

If your company wants to improve its first-party collections, here are expert tips to collect past-due customer payments.

3 Big Differences Between Business Debt Collections and Consumer Debt Collections

Depending on the type of customer or client, debt collections can look drastically different. Either can still be frustrating but one type of debt could actually be harmful to the overall business.  Consumer-facing business, for instance, is more transactional. Businesses working together, exchanging goods or services, is likely part of a long-term relationship. 

Here are three ways business debt collections and consumer debt collections are different.

Three Ways to Recover Unpaid Invoices

Unpaid invoices are the worst! While it's easy to react negatively to your late or non-paying clients, each invoice may require its own way of dealing with it. You can start proactively, including establishing a consistent invoicing process and following up as quickly as possible. However, if you're lacking the resources or your prevention strategy isn't working, it's time to try something new. 

Here are three ways to recover unpaid invoices.

The Influence of Black Entrepreneurs on America's Economy

To inspire entrepreneurship in a community that is least likely to receive startup funding, we've shared inspiring quotes from Black entrepreneurs who've had to overcome hardships to achieve success.  Some key findings in the research for that article included a diversity report that found that only one percent of venture-backed founders were Black.  The U.S. economy benefits from Black entrepreneurs and investing in more Black-owned businesses will reap rewards for all Americans.

We're taking a look at the influence of Black Entrepreneurs on America's Economy.