One of the goals that you likely have as a business owner is how to expand your customer base. You likely spend time each month deciding on which promotions to offer as well as how to provide customers with the highest level of customer service.
Successfully running a business, however, is not easy. Statistics reveal that American companies have never been this much in debt. While you might think as a business owner that collecting on debts is easy, this unfortunately is not always true.
Some Customers Refuse to Pay
Some customers simply refuse to pay. It might be due to the customer not having the money, or the customer might be disorganized. Regardless of the exact situation, it is often critical that you collect on debts so your business can continue and expand.
As a business owner, you should begin each customer relationship appreciating the risk that the customer might not pay you. Many business owners even go so far as to factor into lost revenue due to unpaying clients into their budget. You should do the same.
The Fear of Losing Customer Business
One of the biggest challenges to collecting on a debt is the fear that doing so might cause you to lose future business. After all, you’ve likely spent a substantial amount of time recruiting these customers and do not want to see your efforts turn to nothing.
In these situations, it is important to view the bigger picture. The client purchased your product or services and then failed to follow through on their obligation of paying you. Both you and the customer understand this. As a result, it makes sense that you are now attempting to collect on the debt that you are owed.
This is understandable and best viewed as your attempt to make sure that the customer holds up their end of the deal.
The Best Option is Sometimes Cutting Your Losses
You should not approach every collection effort by attempting to get payment without any concern for your customer base. Instead, you should fairly evaluate the overall situation.
While it might be nice if a customer continued doing business with you, this no longer holds true if the customer is not paying their bills. If a customer is not paying his or her bills at the moment, you likely want to refuse to extend any additional services or products to the customer because this will only cost you more.
Retaining the Services of a Debt Collection Lawyer
One of the best approaches to collect on the debt that you are owed is to place a middleman between you and the customer. The most powerful way to do this is to retain the services of a debt collection lawyer.
Hiring a debt collection lawyer is simple. You hand over your information regarding the debt that is owed to you and the customer. The lawyer then takes all of the steps necessary to collect on the debt. The lawyer also makes sure that all debt collection laws including the Fair Debt Collection Practices Act are followed. This means that you need not spend any more time pursuing the debt. Instead, you can focus on more important business matters.
Speak with an Experienced Debt Collection Lawyer Today
If you are tempted to delay collection efforts for fear that it will tarnish your relationship with non-paying customers, remember that your number one goal is to make sure your company prospers.
Without receiving the money you are owed, you are making it more difficult for your company to reach its full potential. As a result, you should consider retaining the services of an experienced debt collection lawyer.
Contact Ross Collection Solutions today to schedule a free case evaluation.