I revealed in a recent episode in my “Overdue Advice” podcast that I was once a debtor.
It was sort of a spontaneous mic-drop moment. I hadn’t really planned on saying it, and it’s not something I've ever made public before. But nor is it something I’m ashamed of.
It's part of my story.
Here’s the most important take-away:without that experience, I could not be where I am today.
Topics: Debt Management
Some things are just a natural fit.
February 18 to 22 was Random Acts of Kindness Week: a time when we’re all encouraged to do kind things for others. Spontaneity is encouraged: there should be no reward or ulterior motive. It's simply about doing something unexpected and kind, and feeling good about making our communities a little better.
We create a lot of our own kindness initiatives every year at MetCredit. We do blood drives, where employees receive a paid day off for donating blood. We are longtime sponsors of Kidsport Canada, helping less fortunate young Canadians get involved in sporting activities. Last Christmas we donated to Toys for Tots, as well as to homeless families and youth shelters in Vancouver and Toronto. It never stops, and I love it.
For most business situations, it makes a lot of sense to send overdue files to a good collection agency for accounts receivable recovery. In fact, a number of business models that will probably surprise you (from law firms to funeral homes) do it all the time.
But there are times when sending an account to collections may not do much good. Here are four good examples where a collection agency probably can’t help—and how to avoid such situations in the first place.
A new year presents an opportunity for entrepreneurs to make a fresh start.
For many, the year that has passed was a challenging, difficult or even devastating one. We live in tumultuous times, and very few business owners have weathered the last 12 months unscathed by trade negotiations and tariffs, pipeline cancellations, service disruptions, global unrest and the overall economic slowdown. With 2019 being an election year in Canada, further uncertainty lies ahead.
Most of that, you I cannot control. But you can make decisions and take actions that will have a positive impact on your business and your overall success. I would argue that given all the events and happenings outside your hands, it’s an excellent time to focus on the things you can indeed change.
Here are three high-impact actions to place high on your list of 2019 resolutions:
Business owners have a lot on their minds at the best of times: Human Resources, expenses, inventory, a changing competitive landscape, rising costs and more. Plenty more.
During the month of December, it all tends to compound. From the increased staffing impacts of cold and flu season to extra costs surrounding year-end bonuses, Christmas parties and holiday downtime, it can be the toughest time of year for cash flow. At the very same time, costs at home blow through the roof.
So when there is a slowdown in receivables, entrepreneurs’ stress levels can go through the roof: at the very time when we’re expected to be overflowing with joy and goodwill towards all.
At MetCredit, our Code of Ethics has three simple components—each of them articulating one of our most essential guiding principles:
The MetCredit Code of Ethics
- The individual must be respected at all times.
- The customer must be given the best possible service.
- Excellence and superior performance must be pursued at all times.
This clear and concise Code of Ethics affects everyone who works at and interacts with MetCredit: our management team, employees, clients and every one of the debtors with whom we communicate. It’s an integral part of our brand promise.
Cash flow is oxygen to business. Interrupt the supply, and the consequences are immediate and severe.
This is true for all business models, and for those whose customers are other businesses, a multitude of unique challenges exist. Specifically, there are four great dangers that make B2B debt collection very different from collecting retail or consumer debt:
It’s the time of year again for artery-clogging pumpkin pie, toddlers in plasticky Costco costumes and debilitating coloured contact lenses. Yes, Halloween: that scariest of all seasons.
For business owners, the likes of horror films, axe-wielding fiends and things that go thump in the night are child’s play. Know what is truly frightening?
Real-life business, that’s what!Dredged freshly from the MetCredit morgue, here are four of the scariest horror stories you’re likely to ever hear, made concise for sleep-deprived business readers:
If your business has never used a collection agency before—or even if you have—you may be unsure about when is the right time.
How bad do things need to be in order to escalate matters and send an account to collections? In general, not very bad at all. In most Canadian provinces and territories, the statue of limitations on debt is a mere two years. What’s more, you deserve to be paid on time, always, so it should NEVER have to get that bad.
Here are seven sure signs it’s time to send a file to collections: