The Collection Advisor

3 High-Impact Actions to Take Charge of Accounts Receivable in 2019

Posted by Brian Summerfelt on Dec 28, 2018 11:18:10 AM

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:

Read More

Topics: Insider Debt Collection Tips, Debt Collection, Gestion de la réputation, B2B Collection Agency

Stolen Joy: How Overdue Accounts Can Spoil Your Holidays [video]

Posted by Brian Summerfelt on Dec 7, 2018 12:56:29 PM

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.

Read More

Topics: Insider Debt Collection Tips, Commercial Collection Agency

The Case Against Patience in Debt Collection

Posted by Brian Summerfelt on Jun 5, 2018 3:44:54 PM

Good things come to those who wait. Because patience is a virtue, right?

Balderdash. 

If you’re ice fishing or waiting for broken bones to heal, being patient can indeed be useful. But in managing accounts receivable, demonstrating a willingness to wait can bring results ranging from bad to catastrophic. 

 

Metcredit_CaseAgainstPatience_V01

Here are 5 strong reasons why patience is not a business owner’s friend:

Read More

Topics: Insider Debt Collection Tips, Reputation Management

Customers Not Paying? Take These 4 Breakthrough Steps Right Now!

Posted by Brian Summerfelt on Apr 9, 2018 10:46:55 AM

Cash flow is oxygen to business. When it gets suppressed, the consequences can be severe—even catastrophic.

That’s why one or two non-paying customers can be enough to keep a business owner awake at night. I’ve seen plenty of organizations fail because of bad debt that could have been collected by following these four breakthrough steps:

Read More

Topics: Insider Debt Collection Tips, Collections

10 Businesses You’ll Never Guess Use a Collection Agency

Posted by Brian Summerfelt on Oct 10, 2017 10:21:41 PM

Quick, what does a typical collection agency client look like to you?

If you’ve ever received a collection call for an unpaid cell phone bill, you’ll be familiar with at least one type. Telecommunications companies, who need to collect overdue mobile or Internet bills, make up a substantial volume of our work.

Banks and credit unions are another. At MetCredit, we work with many, and have provided uninterrupted collection service on loan and credit card defaults to one of Canada’s Big 5 banks since 1974 (which was only our second year in business).

In short, the obvious guesses would be right.

But there are a number of unicorns. Here are 10 business types you probably wouldn’t expect to use a collection agency, but for whom my team and I have successfully recovered debt:

Read More

Topics: Collection agencies, Insider Debt Collection Tips

Subscribe to Email Updates

How Collectible is your Debt image

Recent Posts

Most Popular