The Collection Advisor

Debt Collection Tips for Startups: 4 Steps Entrepreneurs Must Take to Survive

Posted by Brian Summerfelt on Jul 9, 2018 7:17:18 AM

Entrepreneurs are some of the bravest people in the world. They strike out on their own and stake their livelihood on a dream in a world of unprecedented competitiveness, knowing full well their chances of failure are exceedingly high.

And when it comes to collecting debt, most startup owners are ill-prepared for what awaits them. Vendors are reluctant to grant credit to startups lacking a history, and customers can take advantage of your inexperience or lack of confidence, paying your bills after higher-priority ones with established partners. It's a double-whammy many entrepreneurs never see coming.

Here are four steps every entrepreneur should take to improve their startup business’s probability of surviving those critical early years:

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Topics: Business Strategy, Collections

You’re Not the Bank: It’s Time to Stop Financing Other People’s Business

Posted by Brian Summerfelt on May 7, 2018 1:12:14 PM

Do some of your customers take unreasonable time to pay, consistently holding out for 60, 90 days or more?

In most cases, they probably have (or could find) the money to pay much sooner. They ought to—having made the purchase and agreed on your terms in the first place.

The reason for the delay is simple. To be blunt, they’re using you.

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Topics: Collection agencies, Business Strategy

Brand Reputation Management for Businesses 101: What Owners Need to Know 

Posted by Brian Summerfelt on Feb 1, 2018 7:28:00 AM

Not long ago, what people did personally or professionally was easily managed within their inner circles. Our lives were as private as we wanted and maintaining our brand reputations was pretty simple. Even big brands could afford to burn through a certain number of unhappy customers, so long as they were constantly acquiring new ones.

Like it or not, times have changed. More than ever, consumers are empowered to shine the light on companies that fail to uphold their brand promise or whose actions don’t support that promise. This includes company representatives, such as some debt collection agencies, whose actions should reflect your values and uphold your brand reputation.

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Topics: Business Strategy, Reputation Management

11 Powerful Debt Collection Tips to Always Get Paid on Time (If Not Sooner)

Posted by Brian Summerfelt on Jan 8, 2018 6:22:00 AM

For most entrepreneurs, collecting overdue bills doesn’t come naturally. It can be awkward asking someone to pay their late invoice. It may even feel like you are imposing on a customer.

Unfortunately, collecting on overdue invoices is a very real part of any business that grants credit. But it should never be a major part of your activities, and bad debt should be a rare occurrence.

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Topics: Collection agencies, Business Strategy

8 Surprising Ways a Collection Agency Will Increase Your Profitability

Posted by Brian Summerfelt on Aug 29, 2017 7:51:00 AM

Why the heck would we pay a collection agency for something we can do ourselves?

That’s a question entrepreneurs often ask, and it’s symptomatic of not having worked with the right debt collection partner. The truth is, few businesses of any size are equipped to collect overdue debt effectively and consistently.

The reality is that a good collection agency complements your business activities and makes you more profitable.

Here are 8 ways a collection agency can increase business profitability:

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Topics: Collection agencies, Business Strategy

3 Powerhouse New Years Resolutions to Make 2018 Your Best Business Year Ever

Posted by Brian Summerfelt on Dec 29, 2016 10:23:24 AM

Enough talk about going to the gym three times a week or sacrificing your love of wine. 

There’s nothing wrong with that kind of goals – except they’re uninventive and rarely successful. But with the Canadian economy outperforming all the other G7 nations and the prospect of great times on the horizon, there is so much more you can actually achieve, and put your business in the best possible position for 2018 and beyond!

Here are 3 New Year’s Resolutions you can stick with, and that will make a real difference to your business success:

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Topics: Debt Collection, Business Strategy

Why Some People Don’t Pay Their Bills (According to Donald Trump)

Posted by Brian Summerfelt on Dec 5, 2016 9:54:48 AM

During the U.S. election campaign, you may have been surprised to learn that president-elect Donald Trump’s companies have often failed to pay their suppliers – even when the money was legitimately owed and proper contracts were in place.

What’s worse, Trump feels completely justified in holding out.

And if you’ve been in business any length of time, you know this attitude is not unique to The Donald. Sometimes your hard-earned money doesn’t come in as agreed, or not at all. Here are four reasons why Donald Trump, and possibly some of your own customers, avoid paying their business debt.

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Topics: Debt Collection, Business Strategy

Collecting Debt in Tough Times: the Role of Emotional Intelligence

Posted by Brian Summerfelt on Jun 7, 2016 11:05:59 AM

Debt collection is never an easy business. A slow economy makes it harder still, and when disaster strikes, urgency and sensitivity rise to dangerous new levels.

Take what is happening in Alberta right now. For two years, the province’s economy had been crippled by low oil prices, the brunt of which was felt in the city of Fort McMurray, source of more than half of Canada’s total oil revenue.

Then “The Beast” struck.

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Topics: Debt Collection, Business Strategy

10 Warning Signs that Predict a Bad Debt, and How to Protect Yourself

Posted by Brian Summerfelt on Jan 28, 2016 10:56:15 AM

“I should have seen it coming.”

Sadly, those are common words in the debt collection agency world. All too often, when a debt goes bad, the credit grantor has overlooked one or more clear warning signs. 

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Topics: Debt Collection, Business Strategy

3 Inspiring Ways to Button Up Your Corporate Year End

Posted by Brian Summerfelt on Jan 5, 2016 9:33:30 AM

Ahhh, January.

The month of renewal. The start of a new calendar year, and for many businesses, time to wrap up the corporate fiscal year. 

It can be a pain, but only if you allow it to. Here are three things you can do from an Accounts Receivable management standpoint to button the books up tidily, helping your business start the new fiscal year with more gas in the tank and noticeably less dead weight holding you back from your goals. 

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Topics: Debt Collection, Business Strategy

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