Collecting past due invoices is key for your business’s survival, for affording your employee’s income, and for reaching your financial goals. Yes, it is a nasty thing to do, especially during the holidays, yet it is part of running a business. With the holidays and the Pandemic, many people are suffering financially; however, you have a business to run.
Before making collection calls, keep these things in mind:
(1) make sure you have a plan
(2) be respectful and courteous
(3) have several options for the individual who has not paid their invoice
(4) Learn about the Fair Debt Collections Practices Act
(5) investigate other collections options such as hiring a collection agency or how to go through Small Claims Court as a last resort
(6) review your plan with your lawyer
Remember that those who owe you money are embarrassed and ashamed; therefore, there might be a possibility that you will get a hostile response, and for that, you need to be beyond empathetic and not take it personally.
Source: Entrepreneur Magazine
