The Entrepreneurial Mindset Most entrepreneurs are unique individuals. They treasure the idea of being their own boss and pay a high price to start a business or try and build their business. These individuals have been studied by many professionals to try and sort out what makes them who they are. While much of that question remains unanswered, there is a common agreement that one essential trait is the ability to focus and work toward goals while avoiding distractions. For most small business owners and entrepreneurs, there is a clear priority on generating revenue. Making sales is seen as a clear sign of getting business done and a concrete movement towards success. Unfortunately, it takes time for many of these individuals to become experienced enough to realize that generating sales and revenue is only part of the game. Those sales must be turned into cash receipts and money that can be used to generate more sales. The issue ofdebt collectionis not an early priority. Cash is King Business debt collection does, however, become important to the business person when receivables start to reach a point where they impact a company’s financial survival. Once business owners and managers realize that collecting on a sale is as important as first making it, their approach to the process goes through a transformation. They begin to seek out customers that can pay as well as buy. Factors Affecting the Approach to Debt Collection Of course, those same business owners have bills they have to pay and represent receivables to other businesses. Fortunately, most business people seek to run their businesses in an ethical manner. They pay their bills on time and expect others to do the same. However, tough economic times can change that equation.The first aspect of the ethics of collecting on money owed is understanding the ethical basis of seeking overdue payments. If a product or service has been delivered to a customer in the manner promised with no issue over the work done or products received, the money is rightly owed and it is ethical and necessary to pursue that payment. The website nolo.com points out that there are three types of customers that cause business debt to be slow in payment. These are: • Those that want to and usually do pay on time but are in financial difficulties. • Those that will pay but delay payments as a part of how they finance their business. • Those that avoid payments as a standard practice and don’t want to pay. The second step in developing an ethical approach tobusiness debt collectionis understanding these three types of approaches. The specific circumstances of why a payment is late may or may not have a bearing on the right and ethical methods of pursuing that rightful debt. The methods used in collecting on debt are the third major factor to consider. There are, of course, legal guidelines related to the process and what is acceptable. However, these represent only the lowest level of the overall issue of seeking collection of overdue payments. While there is a requirement to follow the letter of the law, a business owner has the ability and need to establish the ethics they will follow relative to business debt. This starts with who will be granted credit and what the terms of the extended credit are. Likewise, clear and consistent policies for all customers should be clearly communicated. Once debts reach a point requiring formal collection action, a professional firm is normally engaged. The business owner should ensure that the firm they select abides by the legal and ethical standards they want for their own companies to represent. Connect to us onGoogle+ ...read more

Getting Paid! Protecting Your Company’s “BRAND”! Licensing, Bonding, and Insurance 1. Getting Paid- The obvious first priority of any credit manager is to make sure the company gets paid for the product or services their company has sold.  When it comes to working with your 3 party debt recovery solution provider (Collections Agency), how do you know if you have the best and not just the best salesman that can sell to you. Many of our larger clients tend to have two or even three collections companies working for them.  This affords them the opportunity to compare the performance of their agencies.  One of the methods I recommend to this regard, is a 60, 30, 10 program.  Give 60% of your business to the top performing agency, 30% to the next and 10% to the new guy.  Every year you should evaluate their performance and bring on a new agency to replace the poorest performer.  Always start the new agency with 10%.  If they perform, then steadily move them up in terms of the amount of business you give them.  Keep your performers and replace the bottom 10% EVERY YEAR. (look at ourValue Analysis) Source onPlacing to Commercial Collection ...read more

We look at everyone’s situation from a very unique perspective because let’s face it; typically every situation faces different challenges. First, we will look at all credit reports to identify what accounts are likely having adverse affects and what accounts are likely having a positive influence and why. Second, after having identified the adverse accounts that are having a negative impact on your credit scores, we assist you in the correspondence that’s required to work with the major credit bureaus to remove accounts that are unverifiable, reporting incorrectly, outdated, misleading or questionable. Everything we do is 100% legal and ethical and in compliance of both state and federal laws. During this process you will have 24/7 access to a client login page where you will see in real time what items have been removed and what the status is on each account. In addition, we work with each client to educate them on what could be done to improve a positive account or obtain one and provide solutions with a realistic approach to getting the best and highest possible scores in the shortest period of time. We are licensed in the state of Texas and are a member in good standing with both the International Association of Professional Debt Arbitrators and the Ethical Credit Repair Alliance.  Call today for a Free credit evaluation.  Barron Financial Services 855-400-1550 214-643-6779 www.BarronFS.com ...read more