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Debt Collection Strategies for Your Small Business

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.

Laws You Must Know Before Starting Your Own Business

Starting a business is an exciting and wonderful prospect for so many individuals.  It is risky, but the reward can be more than worth it.  That being said, if you do not know the legal implications of your actions as a business owner and operator, you may be shooting yourself in the foot right out of the gate.  Read on to learn more about some basic laws pertaining to businesses.

Truth-In-Advertising Rules

This should go without saying but, as a business owner, you must make sure your ads are not deceptive.  Your ads must be supported by evidence.  The FTC describes deceptive advertising material as:

  • ‘Likely to mislead consumers acting reasonably under the circumstances’;
  • Misrepresents or omits information that ‘is important to a consumer’s decision to buy or use a product’.

How the New Bankruptcy Bill Affects Small Businesses

There are many reasons a business looks at bankruptcy as an option.  Competition, economic climate, lawsuits, and many more situations can create an unsustainable environment.  Believe it or not, some businesses cannot afford to declare bankruptcy so they just close.  The new bankruptcy bill was inevitable.  Support for small businesses

How Bankruptcy Can Benefit A Small Business

Even though most all bankruptcy cases are filed by individuals or families, a business can also seek the protections offered by the bankruptcy laws. When a business is struggling to pay its vendors or to make payroll, it may be time for a reorganization. Business bankruptcy can be beneficial to