National Small Business Week will be celebrated in May and American Profit Recovery, a collection agency based in Massachusetts, has tips for small businesses who are struggling to stay on top of their accounts receivables and do so in a respectful way to their customers.
National Small Business Week has been proclaimed by the President of the United States since 1963 in an effort to recognize the economic contributions to our nation. This year, Small Business Week will be recognized from May 16-20, 2011 with educational events in Washington DC put on by the US Small Business Administration.
One topic that may not be covered is how to manage late and slow-paying customers and do it in a diplomatic fashion. Collection agency American Profit Recovery has provided these simple tips to help small businesses stay on top of cash flow;
Inform customers up front in every way possible about payment policies. This means in person, in a waiting room or lobby and on each invoice and statement they receive. Customers who are fully aware of payment policies are less likely to pay late or not pay at all.
Always treat customers with respect and use a diplomatic tact to inform them about late payments. If using a collection agency, find one that is reputable among your industry and business acquaintances and one that also pledges a respectful approach to dealing with consumers.
Good old fashioned customer service can go a long way in getting customers to pay on time. Focus on great customer relations with clientele, and consider regular customer service calls to check in on customers and how service was. If a payment is late, it’s very important to reach out to that customer to find out if there was a problem with the service provided.
“Small Businesses make up over 60 percent of all new jobs created in this country, making these 27 million businesses an important part of our economy,” states Jeff DiMatteo, partner at American Profit Recovery. “They also need to get paid for the products and services they provide so that economic progress continues.”
American Profit Recovery (APR) is a collection agency with offices in Massachusetts, Michigan and North Carolina. Founded in 2004, APR specializes in the collection of third-party debt in industries such as medical/dental, banking, trades, lawn care and other professional services. The firm serves approximately 3,500 clients nationwide. American Profit Recovery and their team have earned many awards including Best Places to Work in Collections and Most Influential People in the Collection Industry.