Collecting an overdue debt is a difficult thing to do. Many people would rather do anything else than chase a client for payment, even when it’s their own money at stake. Meanwhile, other people have no problem contacting clients for an unpaid bill but don’t have the time. And in some cases, the customer has disappeared, making claims impossible.
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Nobody likes to think about the possibility of business taking a turn for the worse. But, if it does, you could face real problems. Here are the 4 options you’ll face if your business has to deal with serious financial trouble.
1. Collect All the Money You’re Owed
When things are going well, you’re probably happy to let people and businesses who owe you money pay late. But when things take a turn for the worse, it’s important to chase that cash and make sure you receive the amounts you’re owed. This isn’t an easy thing to do, but it’s important.
There’s no room for sentimentality in business, so you’re just going to have to stop being such a nice guy. Swallow your pride and confront everyone who owes you cash. This is made a lot easier if you’ve kept solid records documenting how much money you’re owed and by who.