Every small business owner learns that their biggest headache is collecting the money owed by their clients. Small businesses survive on cash flow - they don't have thousands of dollars sitting in the bank just waiting for a bill to pay or a payroll to meet. Money comes in and immediately goes out. Paydays are particularly harrowing when bank accounts are showing only a few hundred dollars, but payroll is several thousand, even though accounts receivable totals more than enough to meet payroll.
Making that dreaded phone call to try to pry payments on long overdue invoices is an event that today's guest says "makes the phone weigh 2,000 pounds". No entrepreneur wants to make that call. Research shows that more than half of small business owners struggle with getting timely payments from their customers.
There is $12 trillion in outstanding consumer debt in this country and $675 billion of that debt is at some stage of delinquency. No industry is immune to delinquent accounts so it is incumbent on the small business owner to not take it personally when a client goes delinquent - but to understand this is a normal part of business and to have a system in place that will result in both maintaining the client relationship and getting the delinquent account paid.
Today, Melissa Nash will share her secrets about collecting money you are owed. Her company bills itself as a "receivables management company", not a collection agency - but collect money you are owed is precisely what she does for her small business clients - and best of all, it doesn't cost the small business anything.
FEATURED IN THIS EPISODE
Melissa Nash is President and CEO of Accounts Receivable Inc who provides full service collection services for small and medium sized businesses as well as nonprofit organizations and HOA's. She has also authored two books on how to collect money. She is a native of Palm Beach County and is active in a dozen nonprofit organizations including Junior Achievement.
Palm Beach SCORE
Palm Beach SCORE is a non-profit who's mission is helping local small businesses, startups and entrepreneurs grow and thrive by offering mentoring, workshops, business consulting and counseling services, networking opportunities, events and partnerships within the Palm Beach / South Florida business corridor.
SCORE-ing Your Business' host Penny Pompei serves as Chapter Chair for our local Palm Beach SCORE Chapter #224, located in beautiful downtown West Palm Beach.