Set Your Business Up for Success This New Fiscal Year
Do your customers frequently become debtors?
Is it challenging to get new customers to pay on time?
A booming fiscal year for a creditor means more than just staying afloat. As a business owner, there are a few things you can do to set yourself up for a successful fiscal year:
Partner With a Debt Collector: Debt collectors can locate debtors, are up-to-date on collection laws and regulations, and have the technology and processes to recover debt quickly. When you leave debt collection services to the experts, you can focus on what your business does best.
Improve Your Cash Flow: Staggering payment terms, using milestone or upfront payments, offering discounts for early payments, and acting against nonpayment immediately can all improve your cash flow.
Review Your Customers: If you’re concerned about customer loyalty, you must set tight controls. Put new customers on a watch list so you can detect a slowdown in payments. Be ready to turn off credit or pause your services until you receive payment.
Establish an Effective Billing System: An effective billing system can save you from collection stress in the new fiscal year. Have the customer fill out a credit application, keep track of all purchase orders, send invoices promptly, keep copies of documents, and send a statement of their account if they haven’t paid.
Educate Yourself: Educate and train yourself to further your understanding of commercial debt
collection. When you educate yourself, you’ll be in the know on accounting and finance fundamentals, industry trends, and developments. As a creditor, knowledge can save you time and money!
For more information all creditors should know, sign up for our free guide!
Debt Collection Services in Michigan
Looking for help implementing these steps?
Ross, Stuart, & Dawson can help you with them all! Save time, money, and eliminate stress by using RSD’s debt collection services in Michigan.
Don’t risk losing any more money to debtors. Fill out our contact form or call (248)370-8160 to set your company up for success!