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Business Collection: How to Make Sure You Get Paid
Dealing with business collection is something that every company
faces at some point. A single client in collections can hurt
your business, not only financially, but also in terms of
frustration and lost time. The good news is that you can easily
avoid most situations that would leave you in the lurch if you
follow some basic steps.
Here are five key areas of business collection that every
decision-maker needs to cover in order avoid using a collection
agency and to maximize the chances of getting paid on time:
#1 - Do top-quality work
One of the most common justifications for customers not paying
their bills is claiming that the work wasn't done properly.
Disputes can leave you in collection limbo for months, even
years. And many businesses just give up.
Time is money. The quicker you get in and out with quality work,
the more you make. The key is to do what you contract to do.
Most business owners take pride in their work. But if your
client perceives a compromise in quality it could give them an
excuse to delay payment.
A thorough understanding of your client's expectations is vital.
To make sure you're clear about what you're expected to produce:
#2 - Communicate clearly with your clients
Unrealistic expectations about a job can lead to delays in
getting paid if the end results aren't what your clients
envisioned. Don't assume that they see the same mental picture
that you do, or understand the necessary steps and costs
involved. Spell it out for them up front.
Brief your employees and subcontractors to communicate changes
and problems to you right away. Also, make sure that your people
treat your clients with respect and courtesy. Tension and
conflict only cause communication to break down.
And good intentions and clear communication must be backed up by
thorough documentation:
#3 - Do all of the paperwork
Business collection is almost always a no-win scenario if you
can't back up your claims. Without proper documentation, you
could find yourself in a "he-said, she-said" situation that
leads to a dead end when you try to collect. You're not
insulting your client by requiring a written agreement, or for
any subsequent changes to be agreed in writing.
#4 - Evaluate your potential client before you contract
You should feel comfortable that the people you contract with
are good and reasonable. Some won't pay until you force them
into collections. You have to trust your gut instinct. Go with
that, and not your wallet!
You'll probably have at least two or three chances to interact
before making a commitment in writing. People give off all kinds
of indications that result in our having a feeling about them.
Look for obvious warning signs, such as being asked to work
without a written contract, or to accept changes without
documentation. If you're a subcontractor, make sure that you pay
attention to the general contractor's reputation. Don't assume
that you will be an exception to their noteworthy practices.
There's nothing wrong with researching your prospects. Check
them out, especially if you're working for them for the first
time, because they will almost always check you out!
And you'll save yourself a lot of time and frustration when you:
#5 - Have a plan
Every company should have a plan that details, at minimum, its
procedures for business collection. Most potential problems can
be easily avoided by following an effective blueprint for doing
business.
The longer a problem continues, the worse it gets. Don't let it
fester. Problems often intensify simply because the business
owner isn't prepared to address them. Don't be shy about
covering yourself! Your best bet is to avoid the extra work and
frustrations involved with business collection.
About the author:
The best mentors for small business owners are people who run
successful businesses themselves. For more information on
collecting past-due accounts and other tips to help you prosper
in your venture, please read more of what these business
veterans have to say on a variety of topics at www.bymichaelriley.com.
Written by: Michael Riley
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