Debt collection can be an uncomfortable topic for many small business owners. Very few people get into business to pursue debt. There are many ways to approach debt collection and almost all of them require some level of finesse. If you are having issues collecting receivables, keep your cool.
Do Not Take It Personally
Too often, small business owners get upset right away when a client misses a payment. There are tons of simple reasons why this could happen:
- Sometimes people just forget things;
- The client could have misunderstood the payment terms;
- You could have forgetting to send them the invoice;
- There could have been a technical issue for the payment.
Before you raise arms against the client, make sure you cover your bases by checking on the simple stuff.