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Finding Your Home Business Niche
When some folks begin to think about a business of their own, they know in that very moment what kind they are going to start. Then, there are the rest of us...
Knowing that we want to have a business of our own is not enough. Many of us...
Have You Sold Your Internal Customers?
You can make the sale. You know your core message. You know your target market inside out, right?
But if you have even one employee than you've got another sales job to do. Everyone in your organization must also be sold on the dream you...
Persistence is Tops
To take the online road to success is not, contrary to millions of internet and email ads, the short road traveled. There is enormous revenue potential through online channels, predicted to top $8 billion by 2005. We all would like our piece of...
Picking A Small Business Accounting Program
A small business accounting program should accomplish three
tasks: track income and expenses, generate business forms, and
keep detailed records for other assets and liabilities.
Tracking Income and Expenses
The task of tracking a...
Secret Shopper Business
Secret Shopping is a good part time business for stay at home moms, students, retired folks, or just about anyone who wants to make a little extra income. It's simple to get into this business and you can work the hours you want.
Secret...
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Small Business Collection Agencies Get You Paid
If you're like many small business owners, the mountain of debt you accumulated during startup might have been enough to make you worry about collection agencies every time you answered the phone. But your feelings toward collection agencies are eventually going to change, if they haven’t already.
Small Business Collection Agency Services: More Benefits than Costs
Small business collection agency services will certainly cost more than just writing letters demanding your money back. But the amount of money you’ll collect, not to mention the time you’ll save, will more than pay it back. In fact, when you consider the hourly rate of your employees, or you yourself, collection agencies’ fees really can be quite a bargain.
Let’s say you have an assistant your business pays $10/hour, effectively costing your business $15/hour once you count in employment taxes, benefits, and the overhead of your office. You would be lucky if that assistant spent just five hours total on each debt, and managed to collect half of them.
But you would have sunk $150 into each successful
collection. Plus, there’s the opportunity cost: $150 worth of time you haven’t spent in growing your business. So the net loss is $300, and probably more if you’re a profitable business that gets a good return on your people’s time.
But if you refer your delinquent debts to a collection agency for $75 each, and they collect three-quarters of them, you’ve invested only $100 per debt collected. Once you factor in all the money from all the debts the agency collected for you that you couldn’t have collected on your own, the return on investment is huge. That’s not even counting the saved opportunity cost, or all the stress you’ll save yourself and your associates.
In the end, your small business has to focus on doing what brings in the money: your core business. Leave your taxes to your accountant, your office repairs to your building manager, and your collections to your small business collection agency.
About the Author
Joel Walsh writes for Collection Agency Information:collection agency
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