Monetaria

This is one of the HARDEST things businesses owners deal with... Unresponsive debtors can single handedly destroy a business's cash flow. So.. when is it time to hire legal help? We always recommend waiting 30 days. If a month has passed since that invoice was sent, and your client has been ignoring all communication, it's fair to assume that they have no intention of paying in the near future. At that point, we'd say it's time to hire help! And yes, in most cases it's worth the money to hire a lawyer or agency. Don't dismiss the option before checking out the numbers!

If you're collecting from another business, make sure you're doing it RIGHT!! When a company owes you money, all you want to do is collect. But there are so many regulations surrounding this type of collection, and we don't want you getting into any trouble with the Gov, so keep these 3 things in mind.. 1. Avoid harassing your debtors by calling non stop or threatening. 2. Follow the time limit guidelines, meaning don't call too early or super late. 3. Make sure to clearly communicate how much is owed and who they owe the money to. If too many businesses owe you money and collections seem impossible, don't worry! There's still hope! Let us take care of those collections, and get your money back faster than you imagined💫

If you start implementing this TODAY, you'll avoid SO MANY late payments! We've helped so many clients improve their cash flow by just doing this ONE thing ⤵️ Ask your debtor or customer for an upfront deposit. It builds trust, boosts your company's cashflow well before the payment is due, and of course, it will help you avoid chasing late payments later on! We recommend choosing on of the following two methods.. 1. Ask for a 30% deposit upfront 2. Ask for the first and last month's payments This small addition to your business's policy can make the biggest difference!

It's shocking, but so many people are ENCOURAGING their customers and debtors NOT to pay them back! 🫣 The BEST thing that you can do before lending money or providing a service, is to invest in an airtight contract. We've seen many people just pull something up from the internet, or ask a friend who used to be paralegal to write up a quick contract... Yea, you know how that usually ends:/ The money you spend on a thorough contract will save you so much time, money, and stress in the long run. We've seen this to be true over and over again!

If late payments are killing your business, don't worry! There's a VERY EASY fix 🙌 The BIGGEST cause for clients/customers not paying on time, is a non user friendly payment system... That's why implementing the following 2 changes can make all the difference when it comes to your company's cash flow. 1. Accept multiple forms of payment to accommodate your clients preferences. 2. Offer payment plans. This helps ease the financial load while still giving them the ability to repay what is owed. Such simple changes, but they make all the difference 🤗

Getting paid on time isn't totally out of your control! Before lending money to another business it's worth doing a credit score check to be informed about their financial health. It can be the difference between a successful and an unsuccessful loan 😯 The money it will cost to do that check is peanuts compared to the potential stress it may save you. It's worth every minute it takes, and every dollar you spend! We couldn't recommend this enough! One more thing to look out for.. If you see that the company has been sent to collections in the past 6 years, you may want to reconsider your loan!

❌ Confusion ends HERE!! It's the 90 day rule! We have so many people coming to us after MONTHS AND MONTHS of unpaid debts:/ Soo.. When's the right time to hire a debt collection agency? If 90 (or more) days have passed since the money was due, and your reminders are being ignored, it's probably time to involve an agency. However, we always tell people that if the debt is impacting your company's cash flow you should definitely reach out sooner! Because the sooner you hire, the easier it is to collect!

No one is going to pay you earlier than necessary. Unless you do THIS ⬇ If you set up an incentive for customers pay you on time (and even early😲) your business's cash flow will majorly improve.. One incentive that we always recommend is giving customers 3-5% off their early payments. Most of your customers will remember to send their payments, they'll think twice before adding your invoice to the bottom of the list!

❌ WARNING!! Way too many people fall into this... We hear again and again how SO many small business owners think that cash advance agencies are only for big companies. But nothing could be further from the truth! Let's debunk this myth right here 👇 Cash advance agencies help small businesses too! By assisting them in collecting their overdue payments, we help majorly improve their cash flow, AND reduce so much stress. So if you're going to fall for a myth, make sure it's not this one!

Do you have unpaid invoices..? Don't panic, it happens to every business! Find ALL the practical tips for successful recovery here 👇 https://lnkd.in/dP7XNaH