Importance of Debt Recovery
In Show 043 – Importance of Debt Recovery originally broadcast on Facebook Live on Monday 18 December 2017 we explore this interesting topic.
Debt recovery can be one of the most frustrating aspects of running a business. It’s really important to get this right at the beginning of your business. When you start you want to collect any outstanding debts quickly and efficiently. Cash is king in business. If you can’t pay your own debts you are going to quickly find yourself out of business. Get your invoicing and credit policies figured out early so you will have a consistent flow of cash. Train your clients so they know when they are expected to pay. Invoicing consistently is a big part of that. It’s a good idea to use a third party to collect your debts. It frees up a lot of time for you. It also protects you from any uncomfortable interactions with your clients.
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.