No More Worries About Past Due Accounts
Written by Anne Rimando

Weary of having to wait for your clients to pay their bills before you can pay yours? I know from personal experience how stressful it can be to gawk at a stack of bills that you can't pay until you get paid. In essence, your fate is in someone else's hands...and that can be very annoying.

Not too long ago, I brawled with this problem on just about monthly basis. I was astounded to find virtually every other entrepreneur I conversed with had the same difficulty, but none of them had a good resolution. Let's face it, in today's ultra competitive environment, you cannot just cut off any new credit sales. This will put you at an ultra shortcoming. So, what is the solution?

It's as easy and as complex as setting up a collection system. A system that orders the actions you will take. A system that makes sure that every past due is handled in a well-timed method. A system that makes sure that you are executing all you can to collect those past dues. A system that makes sure no one, no matter how small or how large slips under the radar. A system that notifies your debtors that you are on top of things and that you will keep to be until their account is straightened out in a satisfactory manner.

Most of the clients that you have who are past due with you are also past due with others. You understand from experience that "the squeaky wheel gets the grease." This suggests if you are methodical in your contacts rather than hit and miss, you will gain the attention of your client and radically increase the odds that you will be at or near the top of the list when it turns into a possibility for your client to pay some of their bills.

It is recommended to schedule letters, phone calls and /or personal visits at precise intervals. Get your system automated as much as possible. Create templates for your letters, so that in most cases, the only things that will have to modify are the names and dates. Write scripts for your phone calls. Again, change the names and dates and you are good to go.

I've been through it and lived to tell about it. Get your system automated as much as possible. It will need an upfront commitment to get the job done, but once you have it in place, not only will you spend less time collecting, but more importantly, you'll spend less time worrying about your bank balance!

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Looking for a Collection Attorney? From account submission through ultimate debt collection of past due accounts, the Legal Collections' Network of Attorneys in Livonia, Michigan execute proven strategies to collect your money.