As you finalize business plans for 2015, keep in mind certain steps you can take to reduce bad debt in your business and boost your bad debt recovery.
Here are 5 great credit and debt collection resolutions you can and should make for the coming year:
- Use a written contract with all new customers that includes payment terms and addresses the consequences of non-payment.
- Standardize your in-house credit procedures and communicate to key people in your company.
- Construct an effective collection letter. You will use it again and again.
- Hire a collection agency that fits your needs and can work with you to get the very best results.
- Establish your deadline for how long you will keep accounts in house before sending to a collection agency and stick to it. Delay can cost you.
What are your resolutions for 2015? We would love to hear!
Want a collection letter, but not sure where to start? We can help! Download our free guide to writing an effective letter.
