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Now That The Rain Has Stopped, Don't Let Your Business Drown In Bad Debt!We have had an unusual amount of rain this year followed by hotter than normal temperatures here in New Hampshire. Normally, no matter where we are, we don't notice the rain or heat unless it directly affects us or is unusual, like this season.
This is also true with small or new business owners. Unless they have unusual circumstances, such as a bad check, or non-payment of a large balance they don't pay much attention to the credit end of their business. Most buisness owners don't think about what to do about a bad check, until they are holding a bad check. In my 17 years as a bill collector most business owners that I dealt with only realized they had a problem once it was to late. Do not let this happen to you. There are easy steps you can take to avoid this from happening to you and your business.
"One of the easiest and smartest things you can do for yourself and for your business is to implement a credit policy and have each new customer fill out a credit application" says Dunn. "A credit application will protect you and your business and let your customers knows that you mean business. Done correctly, it can increase your overall profits and sales now and in the future." Decide on what terms will work for you and your business and make sure you will still have enough cash flow to pay your bills and maintain your business. Put everything in writing, write down what you want your terms to be. Have that printed on all your paperwork, invoices, statements, credit application, receipts. Have every potential customer fill out and sign a credit application. Check their credit! Learn debt collection techniques so if they do not pay on time you will be ready to take the next step and won't have to research what to do next. As a recognized expert in her industry Dunn has received nationwide press through the years based on her knowledge and expertise in the debt collection industry. Michelle has been featured in Forbes.com, Business NH Magazine, The Wall Street Journal, NH Business Review, NPR, The CBS Early Show and many other national media. Dunn was a debt collector for 17 years, started and ran her own debt collection agency for 8 years and has written 7 books on the subject of collecting money. The Second Edition to her first book "Starting a Collection Agency" has just been released and Entrepreneur Press has published Dunn's book "Ultimate Handbook of Credit & Collections, the Check IS in the Mail". Dunn also owns and moderates Credit & Collections a 10 year old online networking community and website with over 978 members. To learn more about Michelle or her services please visit http://www.michelledunn.com or http://www.credit-and-collections.com |
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