Running a successful business takes a lot of skill. While you certainly have to be able to generate business and have the staff and supplies to support it, you also have to be able to collect the debts that are owed to you. That might sound simple enough, but, if you don’t know already, you’d be surprised at how difficult commercial collections can be.
That’s why it’s beneficial for you to fully consider what you can do to collect your debt, which will hopefully ensure that you have the financial viability to continue your operations with as little stress as possible. Here are some tips that you may find useful as you try to collect commercial debt:
- Start by being positive so that you can maintain a relationship with your debtor and can give them some leeway if missed payments were simply a matter of forgetfulness.
- Increase your assertiveness with each request to pay while remaining professional and without being offensive.
- Vary the methods you use to communicate with debtors, recognizing that some respond better to electronic communications while others are more receptive to phone contact.
- Have the proper staff in place to help you collect debt, ensuring that they have the proper training and support to fulfill their duties.
- Don’t ignore the law, as doing so could have tremendous implications for your business.
Use the law to protect your business interests
Debt collection can be tricky to navigate. It can be frustrating for sure, and you have to make sure that you’re abiding by the Fair Debt Collections and Practices Act. But there are parts of the law that you can use to your advantage. That’s why it’s important that you understand the legalities involved in your situation and that you know how to properly address them. If you’d like to learn more about that, then we encourage you to continue to research the topic and reach out for support if you deem it necessary to protect your interests.