collection problems
This is a discussion on collection problems within the Business Chat forums, part of the Business category; hi all, well, i manage a small staffing agency in los angeles. we recently did business with a marketing/consulting ...
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10-15-2007, 04:09 PM
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collection problems
hi all,
well, i manage a small staffing agency in los angeles. we recently did business with a marketing/consulting firm who needed people for a weekend event. this was way back in august. now we are having problems collecting and contacting them. we call them daily and try to email them and send faxes but they have not contacted us back. the company is based in chicago. i was hoping you guys could give me advise on what i can do to boost my collection efforts (anything short of collection agencies and suing them for now). i am open for any type of advice of help, and am willing to discuss it privately in e-mail if needed. thanks.
__________________
"Laws govern the lesser person, integrity the greater."
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10-15-2007, 09:24 PM
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Re: collection problems
do you mean for payments on your consulting charges ?
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10-16-2007, 05:21 PM
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Re: collection problems
its payment for the work done by our employees during a weekend event. we have actually advanced the payment on our part, and our employees have already been paid. however, most of my collection efforts to this marketing/consulting company has not been responded to. its really frustrating.
__________________
"Laws govern the lesser person, integrity the greater."
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10-17-2007, 05:35 PM
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Re: collection problems
If you have called, email and faxed them and they have not responed then first check that you have the correct contact information. Next get out your contact, photocopy it and send the copy and an invoice via registered mail to the company. Give them a deadline and state what will happen if they do not pay by the deadline.
If you are not willing to go to court and they will not pay, you will have to eat the lose.
__________________
Cape Girardeau Missouri Real Estate Jackson Missouri Real Estate Missouri Real Estate
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10-20-2007, 12:29 PM
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Re: collection problems
Not many companies have a 100% return rate on their invoices. You have to expect that 2-3% of your AR will not come in. Keep doing what you're doing, and eventually they will get so annoyed that you will get someone on the phone. What you should do is look at the future of your AR. I would suggest getting a 50% retainer for deals upfront, and then demand a net-10 on the balance once the job is done. This will speed up your AR and cut down on loss in the future.
__________________
3GEN Advisors A small business consultancy run by three SUCCESSIVE and SUCCESSFUL entrepreneurs.
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