Every business owner has experienced the pain of a late or non paying customer. The Commercial Law League of America research shows that as soon as an invoice goes delinquent, the chance of successfully collecting declines by more than 1% per week. If an invoice is 90 days past due, the chance of collecting … Read more
Airtech Corporation is an Arkansas based distributor of HVAC equipment with annual revenue of $35 million. Despite giving net 30 terms, their average days sales outstanding (DSO) was running at 60 days. Management recognized there was a significant problem and with changes in technology and procedures was able to reduce DSO to 42 days and … Read more
The website how-old.net can take any picture of a person you upload and estimate the person’s age. I uploaded two different photos of myself, taken 6 years apart, and it correctly guessed my age both times. Try it yourself – it’s free. What is also amazing about this technology is that 2 developers put … Read more
We recently were contacted by a prospective client who was owed over $30,000 for a consulting project. They had a solid contract with their customer and proof that they had performed the work. They had written acceptance of the work product from their customer and a written promise to pay. But six months had … Read more
For decades, a common sales mantra was to “Always Be Closing.” The Internet and social media have made this an outdated and potentially dangerous approach. Always Be Helping is the updated mantra, and it applies not only to sales, but credit and debt collections, as well as professional and personal interactions. ABC meant that … Read more
All too often, when a small business is up for sale, the net result for many of their vendors is bad debt expense. If you hear that one of your customers is selling their business it’s time to be very careful with outstanding receivables and new orders. WHY WOULD THEY SELL THEIR BUSINESS? If … Read more
Article by: Jeanne Lee of Anytime Collect Managing invoices and collecting them on time is not an easy job. It requires a significant investment of your time and energy and even then many of your invoices are likely still going beyond terms, being written off as bad debt, or being sent off to a … Read more
Article by: Kathryn Brown What You Need to Know About Credit Profile Number and Synthetic ID Fraud There are numerous fraud schemes out there – if there is money to made, there is going to be fraud of one kind or another. One type of fraud that is becoming more prevalent is Credit Profile Number … Read more
According to a study at Duke University, 40% of our actions are out of habit, not actual decisions. If all your habits are good, this makes life much easier. But, if you are like me and have some bad habits, this statistic helps explain why changing the Habit Loop is so difficult. This is what … Read more
The easiest time to get a personal guaranty is when a business is first asking for credit. It is very easy to include this provision on a credit application as described in our free eBook, The Credit Application Handbook. Many business owners will sign a personal guaranty just because it is on the form. Alternatively, … Read more
