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performancesourceinc.com Don't Let Business Debt Stop Your American Dream
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Wednesday, May 24 2017 @ 02:48 AM MST
   

Business Debts Are Not Resolvable By Borrowing Money!

General NewsThe Only Two Ways To Resolve Cash Flow Problems

If your business isnít paying its bills on time, losing valuable discounts while your credit rating deteriorates, itís time to solve the problem with bootstrap effort. You can initially do it yourself, and then rely on experts who more than likely can do it better, leaving you free to do what is necessary for your ongoing business success. An early decision you must make concerns knowing what you can do, and then knowing when to depend on an adequate provider to finish the job. There are but two ways to solve your distress.

First, attack your account receivables. Fearlessly go after all past due receivables. Do so with a plan, starting with letting all who give you business know exactly what your credit terms require. Thereafter, have a programmed process for collection follow-up. That follow-up, executed internally, should transfer to a selected collection agency after your spaced professionally executed demands fail. Generally this would be 45 to 60 days beyond your published due date. A competent agency, one truly interested in maintaining your trust will freely provide pre-submission processes for you.

After a receivable is 60 days delinquent it is foolish for you to continue seeking payment. The right agency is the right place to take and solve your absolute need to generate cash owed you. The right agency, representing you will be able to both obtain recovery and will do so without alienation of your customer. You can spend your time working newly past dues and running your business. This is far better than working older past dues.

The second way to resolve cash flow problems is to program professional internal handling of payables. A managerís early thoughts on handling payment problems are to generate cash. Sometimes that suggests stalling vendors, even making unfulfillable promises. This can work, but only for a bit. A business owner, when cash is short, may also feel that short term borrowing is a valid solution. However there are practical ways to treat your accounts payable so that cash is conserved and your creditorís confidence is maintained. In essence, realize that borrowing money to pay bills serves only to increase your debt. And, borrowing has a cost, called interest, and most often borrowing requires a personal guarantee. If your debts are not personally guaranteed why should you incur more debt personally?

Initially, when it is impossible to pay a bill, notify your creditor that payment will be delayed for an indeterminate time, and he will be updated by you in two weeks. Two weeks later, if then unable to make a full payment, again indicate that effort is in work to satisfy his debt. Four weeks have now passed from the initial due date. You will in most instances have gained a full month without making any payment. It is important to note: You have made no payment and you have made no promise of payment.

It is at this point you must bite the bullet. If you cannot pay your bills, you probably cannot sleep well at night either. Four weeks of delay without making any payment has now turned into a constant barrage of phone calls and letters demanding money. Note if you can or have paid your bills at this juncture, the next step is unnecessary.

That step is to hire a professional debt manager. A Professional Debt Manager (PDM) is an experienced negotiator who, when retained, studies all aspects of your situation. With each debt, determination is made as to whether you desire to pay in full over time or prefer discounted settlements. The PDM, having obtained limited Power of Attorney from you, serves as an authoritative third party hired to achieve acceptances from creditors you selectively assign. The PDM will immediately stop calls, letters and demands from such selected creditors, their agents and their attorneys. Using negotiation skills, the PDM obtains settlements, presents them to you for approval or disapproval. You are always in control of your money, and best of all, youíll be able to sleep well at night, and concentrate on running your business to build profit while working to secure your future.

As you have seen, each aspect of solving cash flow problems is two-fold. You can do the initial process yourself, and you should. It is the importance of knowing your limitations while you execute the preliminary effort, which if successful, eliminates the need of timely utilizing outsourced professional representation for the second.

The benefits of the second effort, whether in receivable recovery or in debt payment lets you efficiently obtain your desired objective within determined limits. If unsuccessful during the easier early term, the authoritative third party, working professionally later, can more easily achieve your goal. This leaves you free to efficiently work the preliminary effort and to work for profitability while running the day-to-day business responsibilities. In essence the hard work, done better by the professional also lets you sleep better as your business strength grows.


About Performance Source Inc: Founded in 1963, PSI has worked with thousands of businesses achieving accepted discounts on their currently owed accounts payable. Your business debt savings can be as much as 70% of what is owed. We enjoy an impeccable national reputation. We never touch a debtorís funds; our bank affirms 20 years of perfect relationship. For more information visit: www.performancesourceinc.com or call Steve Newman / Jim Herst at 800/883-5080. You have everything to gain, and nothing to lose.

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