Dear
E-Myth
Reader,
Does this sound familiar?
"The check is in the mail."
"My wallet was stolen and I'm waiting for a new card."
"We're in-between bookkeepers."
Even when your customers are satisfied with your services, they don't always pay as agreed. Extending credit can be a good marketing strategy, allowing you to attract more customers and bring in larger sales. But extending credit comes with a fundamental financial responsibility; collect the money that is owed to you.
The key to successful collections is balancing the need to maintain valuable customer relationships against the need to maintain the financial well-being of your business. Login to read the full article Your Collections Process. And be sure to check out the special offer below from our new partner Transworld Systems Inc.
Your Collections Process
As a business owner, you should create a collection system for your company that balances good client relations with receiving payment for your products and services. And in the USA, debt collectors must often adhere to the federal Fair Debt Collection Practices Act which protects consumer debtors from unscrupulous collections practices.
In a perfect world, no business would need a collections system, because everyone with debts would pay their bills on time. However, for those of us on the imperfect Earth, a collection system must be a component of regular business operations.
Questions that need answers are
How do you decide whether or not to offer credit?
What kinds of limits do you put around it?
What does a customer have to demonstrate to qualify for credit?
How do you verify the information they provide?
Login at E-Myth to see the complete article Your Collections Process.
Transworld Systems
E-Myth is pleased to announce a new partnership with Transworld Systems Inc. (TWS), a profit-recovery company that, since 1970, has provided tools to businesses to improve their cash flow. E-Myth readers are eligible to receive a special discount on the TWS GreenFlagSM Profit Recovery system.
For a flat fee per account, US clients will benefit from programs bringing the power of third-party intervention, and a custom-fit to individual business needs. You will be able to maintain a diplomatic relationship with your customers, and have 24/7 web-access to your account.
Here's a quote from Barron's magazine on TWS:
"Transworld gets credit for the highest recovery rate in the industry."
For a free A/R consultation, call 888-764-8379 and ask about the E-Myth special offer. If you leave a message, TWS specialists will respond within 24 hours.
Learn more at the Transworld Systems site.
On The Website
Outsource your staff training with an E-Myth Virtual Training Seminar. See the full schedule at the Virtual Training Seminars calendar.
Have a look at E-Myth's Mastery Impact business coaching program. There's no better way to keep your business squarely on track than with an E-Myth Business Coach.
See the Embark Live site for subscription information on a blend of online courses, group coaching sessions, templates and E-Myth program discounts.
Our poll question is 'Does your business have an Operations Manual that's actually in use?'
Cast your vote anonymously and see the results at the E-Myth website.
Yours Truly,
The E-Myth Team
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My E-Myth
