There’s a lot of reasons to be in business. But you won’t be able to achieve any of them if you’re not making any money! That’s why today on Fast Fix Monday we talking about debt collection. Here are the three reasons why you need a debt collection process.
1. Cash Flow
If you’re providing credit to your customers you have to make sure that you are able to cover your own debts. That means keeping a close eye on your cash flow. Cash if the lifeblood of any business.
2. What is measured gets managed
If you don’t know what going on with your debts then the money you’re owed is likely never going to get paid. If you’re measuring what is happening with your debts you can implement a process to collect your money.
3. If you wait you’ll never be paid
If you get paid upfront or immediately after the work is done you’re much more likely to be paid. If you wait three or six months your customer tends to forget the value they received from your services. Get it done quickly!
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.