Cash Flow Dilemmas: How To Get Your Money Back

One of the most common issues that affect businesses is that their customers owe them money. When you've done the work, but individuals are being slow to pay you, you may get behind with bills and be short of money to invest in your business.

This is, understandably, an annoying circumstance -- you're being chased for debts that other people refuse to pay. There are, though, a few ways to enhance your customers' payment speed.

Give Invoices a Deadline.

Folks will see your deadline and realize that you mean business -- they'll think "oh, I'd better deal with this" and you'll get your payment sooner rather than later. If you don't, a follow-up phone call saying "I wonder if you realized that your invoice's due date was yesterday.."' will typically do the trick.

In some locations, the practice of putting payment dates on your invoices might even entitle you to charge interest on money you are owed, or charge fees. Check your local laws.

You Could Try Debt Factoring.

Some businesses have success with a technique called 'debt factoring'. This is whenever you sell your invoices to a third party who focus on administration and collection, and they provide you with the money for the invoice straightaway instead of you having to wait for the customer.

If you try this approach, though, you should consider the percentage of your invoices that the company is taking, and whether they're treating your customers the way you'd want them to be treated. It may be best to only sell invoices to debt factoring companies when they haven't been paid by the due date, letting them act more like a collections agency.

Collections Agencies.

Of course, your last resort is to sell the debt to a collections agency. This will cost you around 10% of the debt. The collections agency will try to intimidate your customer into paying, ultimately taking them to court if needed, and they may try seizing the customer's assets.

Be Prepared to Settle.

Sooner or later, you might end up being owed money by a business that is in financial trouble -you're just one in a long list of creditors, as every little thing falls down around them.

In this scenario, you need to be prepared to settle with them for less than the original invoice price, or you risk getting nothing.

It's a bad situation to be in, but it's better to give a person a break and get some funds instead of pushing them further towards bankruptcy and getting nothing.

Try corporate reorganization.

While you wait for your payment, a business restructure plan should be in the works for you. Save your company by consulting a business professional on the positive aspects of companies restructuring.

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