Home
>
Small Business
>
Collect that Debt - Your Business Depends on it

Collect that Debt - Your Business Depends on it

The efficiency of debt collection is the difference between a business that will succeed and a business that closes up.

If you do not have control of your debt collection then you will eventually fail. All businesses that grant credit will be faced with the problem of bad debt at some stage. The best way to deal with bad debt is to have a good debt control system in place.

There are three types of bad debt:

Can pay.
This is where your debtor can pay but will drag out non-payment as long as possible. They do intend to pay but only at the last moment.

Can't pay.
This type of debtor have no means of paying the debt either momentarily or ever. They are not necessarily avoiding payment but do not have the means to do so.

Won't pay.
This type of debtor is the worst. They will try to get away with not paying, know the debt collection routine and will not pay until the matter goes either to court or through a debt collection agency.

The solution to this is to get your money when it falls due or have a collection procedure that does not let your debtors get away with anything. Once you stop chasing the money that is due to you the amount owing to you will increase. The longer you allow a debt to remain unpaid, the less chance you have of recovering it.

There are three ways to collect debt:

By yourself.
This is the least costly method and involves phoning the debtor, sending letters and as a last resort, going to court to have the debt paid.

By a lawyer.
This involves having your lawyer send letters of demand before it is taken further. A fee will be charged dependent on how long it takes for the debt to be recovered. If going to court is involved and your debtor is forced to pay you through a court order your legal fees could be recovered. However if not, then you will have to cover the court costs as well.

Debt collection agencies.
These are firms such as Baycorp, who specialise in the collection of debts. A percentage of the amount collected is taken as a fee. If the debtor does not pay the debt it will usually affect their personal credit rating.

StartRunGrow (http://www.startrungrow.com) is a global online information organization that specializes in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.

non-toxic cleaning company Winnetka ..

In The News:

Researchers are now showing us that old smartphones as data centers could be the next big thing in sustainable tech.

Scientists have created micro-robots for sinus infection treatment that can enter the nasal cavity, eliminate bacteria directly at the source, and exit without harming surrounding tissue.

Let's examine how your data is collected in everyday life, who is buying and selling it, what happens to it afterward, and, most importantly, what you can do to protect yourself.

Researchers at the University of Sheffield in the U.K. developed small robots called "Pipebots" that can travel inside water pipes to find and potentially repair leaks, all without any excavation.

A groundbreaking new study has uncovered disturbing AI blackmail behavior that many people are unaware of yet.

Four teams of autonomous humanoid robots competed in China's first AI soccer tournament, demonstrating advanced capabilities in ball detection and independent decision-making.

The ID. Buzz autonomous van features self-driving technology with 13 cameras, nine LiDAR units and five radars after Volkswagen partnered with Hamburg and Uber for 2026 deployments.

Social Security phishing scams use urgency and impersonation to steal personal data. Learn how to spot fake SSA emails and implement 10 protective measures.

French startup Pazzi Robotics created an AI-powered pizza robot that made pies in under five minutes without human help, but it closed in 2022 despite patents and expert partnerships.

Reclaim your time from big tech with effective screen time reduction strategies for iPhone and Android, featuring steps to limit app usage and create phone-free zones.

Amazon Prime Day shoppers face threats from 120,000-plus scam websites as cybercriminals prepare phishing traps and malware ahead of the July sales event.

Fox News' AI Newsletter brings you the latest on this rapidly evolving technology.

The AEON humanoid robot tackles labor challenges with Nvidia AI, Microsoft Azure cloud and advanced spatial awareness, working alongside industry leaders Schaeffler and Pilatus.

Google's Ask Photos feature brings AI-powered searches to your photo library, letting you find memories with natural language queries while maintaining privacy controls.

The return of blue book exams emerges as universities fight widespread AI academic dishonesty and educators debate whether to ban AI tools or teach responsible usage.

Signs your phone might be hacked include strange behavior, unauthorized texts, battery drain and pop-ups, while protection involves updating software and avoiding public Wi-Fi.

Tokyo startup H2L has launched Capsule Interface technology enabling full-body robot control with muscle sensors, offering immersive remote operation.

The A.I. industry seems set for growing pains as Big Tech companies scramble for solutions to the medium's unprecedented strain on the power grid.

Fourth of July fireworks cause a 60% spike in lost pets, but GPS trackers and AI photo-matching services like Love Lost can help reunite missing dogs with their families.

Protect yourself from jugging, the rising crime by which thieves monitor ATM users and follow them to steal cash, with six practical safety tips to stay alert and secure.

U.S. airlines like Delta, American and United are selling your domestic flight records to government agencies through the little-known Travel Intelligence Program.

Autonomous robots from Uber Eats are rolling out across U.S. cities, featuring LIDAR sensors, secure compartments and all-weather operation for food and grocery delivery.

Costco has expanded into EV infrastructure with new ultra-fast charging stations that can charge most electric vehicles to 80% in 20-60 minutes while shoppers browse the warehouse.

The new Gemini Robotics On-Device AI allows robots to perform complex tasks without internet, offering enhanced privacy, reliability and adaptability for real-world use.

Protect yourself from Amazon phishing scams by spotting red flags like suspicious sender addresses and spelling errors while using Amazon's Message Center to verify communications.

Collect that Debt - Your Business Depends on it

Small Business