These are costing your business money and lost revenue
It probably goes without saying that the biggest reason your business could be losing money is because customers are not paying you on time. You do the work, or supply the product, and then if you don’t get paid, you start losing cash immediately. Collection agencies that work with small business, such as our company hear this type of thing all the time. It’s the single largest source of revenue loss.
But there are many other causes of lost revenue and some of them might not even be obvious to you and your team. Maybe they are and you’re just ignoring them. Whatever the case may be, there are a number of ways your business can […]
Where’s my cash?
Remember the movie “Dude, Where’s My Car?” Well, have you ever said to yourself, where’s my cash?
There are insights we have as a collection agency that works with small business. And we get questions all the time when we sit down and talk with small business owners and others like you. They are always asking where their cash is. “We see some of our money coming in, but not all of it.” A common theme when we consult with concerned businesses.
You need to know where your cash is at all times as a small business. Everything from keeping track of the cash that goes in and out of your business to the people that are […]
You do what for work?
By Angela:
Often times I find myself in a position where someone is asking me what I do for a living and the reactions I get are pretty crazy. When I tell them I work for a collection agency, they either think I’m just a bad person, or they begin to understand, and are generally interested.
I recently went to a salon and they asked me what I did for a living and after telling them, the woman says, “Oh that’s got to suck”. I love hearing this, because then I can take a few minutes to explain why it doesn’t and why what we do is important to the economy. It turns out the lady I […]
Protect your money
When you are running a small business, every dollar counts. That includes cash that comes into your business and cash that goes out. It’s how you charge your customers for what you provide them, and keeping a watchful eye on what you are being charged by others.
It’s also about protecting what you have which includes cash, receivables as well as physical items such as assets and inventory. Maybe your customers are paying on time, but you could be losing money in other areas. It’s important to keep an eye on everything related to money in your small business.
Here are a few items to always pay attention to:
Cash Flow:
As a small business, you need to […]
How to keep your business going when you’re not there
When you are running a small business, you might be in a position where you are doing almost everything. Depending on the circumstances such as amount of business, labor shortage or it is just the nature of your business, one day you could be at your desk and the next, out seeing a customer.
The fact is that many small businesses are running because the owners are actively involved in the day-to-day operations.
But what happens when you cannot be at your business?
There are a whole host of reasons that could cause you to be away from your small business. Everything from an injury or illness, vacation […]
Tips for conducting a monthly review of small business finances
If you are like many small businesses, you don’t just sit at your desk all day and shout orders to people. You are doing everything. And depending on the time of year, as you well know, your level of hands on activity can vary depending on the seasonality of your business. If you are in lawncare or a pool construction company, you might be full steam from April well through October.
Collection agencies that work with small business hear from owners and other all the time when things such as cash flow start to suffer. And because many in business get too busy to take care of the back end of their operation sometimes, finances begin […]
How to get paid faster
As a collection agency that specializes in working with small business, we get a number of questions from professionals we meet. But the one that always seems to come up is, how can my small business get paid faster? Afterall, that’s pretty much why we’re talking in the first place. They haven’t been paid for the services they have provided.
While a larger business may be able to absorb late and non-paying customers for a period of time, a small business as you know, relies heavily on cash flow. And it becomes a real issue quickly if customers are not paying.
Here are a number of items to consider if you are trying to lay the groundwork […]
How to show appreciation to your employees
By Aubreigh
One thing that sets American Profit Recovery apart from many companies is the management’s way of going above and beyond to show their appreciation for their employees. Some examples of this are APR’s annual Employee Week, the holiday party, and my personal favorite, the end of the year call. This is when all APR employees get together in the big conference room, eat pizza, and recap the highlights of the year. Every department is honored as we go over collection and sales statistics and address the important roles that our support and IT teams play in the grand scheme of things.
In this meeting, awards are handed out for various categories, like Most Improved Collector, […]
Should I Take On Debt in My Small Business?
As a collection agency for small businesses of all kinds, you probably know our philosophy on debt. Well, because we’re working hard to resolve that debt for our clients day in and day out. That’s what we do. Resolve debt.
The individuals, and in many cases, other small businesses we are calling on, are in some kind of debt. For whatever reason, they are not paying their bills on time or paying them at all and most times, there is a reason. Debt, in most cases has a negative association attached to it because so many get in trouble with it.
But is all debt bad? It all depends on who you ask but the main theory […]
Big money mistakes your business is making
Do you always wonder where all your money went in your small business? Are you constantly frustrated that when you check your bank statements, that you have less money than you thought you had? Do your customers pay you late or not pay you at all?
You are not alone. Many that are running small businesses will tell you that they have gone through a period of time where they did not pay as much attention to their finances as they should have.
And collection agencies that work with small business will also tell you that for many, cash flow is a top concern of those running a small business. We get calls all the time from […]
