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How To Choose The Right Small Business Billing Software
If you own or manage a small business, you know how much time
can be spent chasing down paper invoices, purchase orders and
sales reports. It can be a real nightmare! That is where billing
software comes in. It allows you to record all your...
Keep More of What You Make - Start A Home-based Business
The best advantages of owning a home-based business are you can turn non-deductible expenses into tax deductions. The deductions you create for your Schedule C have a more significant impact on the total taxes you pay than do deductions on...
Practical Money-Saving Tips For Small Businesses
One of the primary concerns all small businesses have is saving money. When it's time to trim the fat, most look for one giant expense to decrease or eliminate in order to stay within budget. More often than not, it doesn't work that way. Most...
Simple Steps to Project a Professional Home-Business Image
One of the more difficult tasks to deal with when starting a home-based business is to decide how to establish your pathways of communication in such a way that you appear organized and professional, yet don’t have to break the bank to get...
What You Need To Know About Credit Cards
What is a credit card?
A credit card is a card that allows you to borrow money to pay for things. There will be a limit to how much you can spend called your credit limit. At the end of each month you can either pay off the whole of the...
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Why A Collection Agency Is Your Small Business’s Best Friend
Does the term “collection agency” put you on edge? 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.
While no one wants to hire a small business collection agency, it’s a sad reality of doing business that not every customer feels the need to pay, or has the ability to pay all at once.
If you want to stay in business, you’ll need to collect that money. When your most polite and not-so-polite reminders to pay have failed, you’ll need to start getting serious, which means going to an agency.
Collection Agency Services: More Benefits Than Costs
Professional 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.
If you have a small business, medical practice or facility, and you have customers, clients or patients that are not paying you within your stated terms - you might need the services of a small business collection agency.
About the Author
Free Collection agency information at http://www.collection-agency-information.com
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| United States Small Business Administration |
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| SBA |
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| Main Page - SmallBusiness.com - Small Business Resources |
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| Business & Small Business |
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| Microsoft Small Business Center |
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| The Small Business Advisor - advice for starting and operating a ... |
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| SCORE "Counselors to America's Small Business" |
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| Small Business and Self-Employed One-Stop Resource |
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| Welcome to Small Business BC your business resource in British ... |
| BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
| www.smallbusinessbc.ca |
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| Small Business Service | Home |
| Provides information and advice to help small businesses realise their potential. |
| www.sbs.gov.uk |
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| NSW Small Business |
| A site developed by the NSW Department of State and Regional Development for small businesses. Topics include management, resources, current issues and ... |
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| Business Management & Advice: Small Business Resources & Information |
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| Microsoft bCentral Small Business Directory |
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| sbdcnet.utsa.edu |
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| Small Business Development Corporation |
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