{"id":225236,"date":"2023-03-01T00:00:05","date_gmt":"2023-03-01T00:00:05","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/collecting-payment-the-smart-way-in-your-atlanta-business\/"},"modified":"2023-03-01T00:00:05","modified_gmt":"2023-03-01T00:00:05","slug":"collecting-payment-the-smart-way-in-your-atlanta-business","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2023\/03\/collecting-payment-the-smart-way-in-your-atlanta-business\/","title":{"rendered":"Collecting Payment the Smart Way in Your Atlanta Business"},"content":{"rendered":"
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Who can believe that it\u2019ll be one year<\/span><\/a> this week since the war in Ukraine began. Unfortunately, it doesn\u2019t seem like there\u2019s an end in sight \u2014 a heavy realization for those caught in the crosshairs of it all\u2026<\/p>\n

Looking back to last February, I can say it\u2019s been a tough year for businesses as well. Supply chains were already interrupted and production was slow (a big obstacle for businesses everywhere). And then inflation took its toll, and you\u2019ve found yourself in constant pivot mode to keep up. <\/p>\n

(Not to be a Debbie Downer, but I do want to keep it real for my Atlanta business owner clients \u2014 a strong value of mine.)<\/p>\n

The point is: Every dollar counts these days. And I\u2019m not just talking about ways to save your company money (examining operating costs and cutting out unnecessary expenses).<\/p>\n

But today I want to get into a topic that weighs on every business owner: accumulated \u201cpast due\u201d receivables \u2013 aka: getting paid what you\u2019re owed. That\u2019s a tough conversation \u2026 always. But doing it smarter can often produce better results.<\/p>\n

And\u2026 if you still feeling like you\u2019ve tried every trick under the sun and nothing is working even after reading my thoughts on this subject today\u2026 let\u2019s talk it through together. I\u2019m here for you.<\/p>\n

Alright, onto some of the smart ways to approach collecting payment from your Atlanta customers… <\/p>\n

Collecting Payment the Smart Way in Your Atlanta Business<\/strong><\/span>
“If you can learn from hard knocks, you can also learn from soft touches.” – Carolyn Kenmore<\/i><\/span><\/p>\n

In this inflationary environment, you might find that your <\/span> <\/span>Atlanta business is suffering from accumulated \u201cpast due\u201d receivables. Everyone\u2019s having difficult \u201cpaying up.\u201d<\/span><\/p>\n

And while collecting payment is a problem that needs to be solved, it’s also a problem which shouldn’t just be addressed by “normal means” (calling, pestering, etc.). Even collection agencies have figured out that there are better ways to get payment than using the same old badgering approach.<\/span><\/p>\n

That tells me, you can actually CHANGE the way the game normally works.<\/i> <\/span><\/p>\n

How? To start: Use similar tactics to those which WON the sale in the first place: discounts, premiums for advance or prompt payments, and a good old multi-step follow-up.<\/span><\/p>\n

If you do have (or ever develop) a receivables problem, you’ll need to take this same sort of aggressive action to clean it up. “Preserving the relationship” with a client who can’t (or, more likely, who won’t) pay his bills is ultimately of little value. Left alone, collection problems tend to get worse\u2026 not better. Even large, long-established corporations can find themselves in trouble with their payables. In that situation, you (as a creditor) could wait years for your money and then recover only a percentage of it. <\/span><\/p>\n

So it’s important that you set into place a system for collecting payment.<\/strong><\/span><\/p>\n

Because one of the most important lessons that I’ve learned over my years in business is that trends rarely reverse themselves.<\/i> In other words: Trends don’t change; people change trends. A negative situation simply won\u2019t change if you wait, procrastinate, and delay action. <\/span><\/p>\n

When you get that very first glimmer of something “not right” in your business, it\u2019s time to look closer and to take corrective action. Too many people spot the tip of a problem and choose to ignore it, feeling they’ve got enough to handle already, so why go looking for trouble?<\/span><\/p>\n

It’s a funny thing how closely-related failure and success are, and how failure is usually the womb of a subsequent success. And, how most business problems have marketing-related solutions. To put it simply, effective salesmanship solves most problems \u2014 including collections.<\/span><\/p>\n

You need a bias for sales in every area of your business \u2014 yes, even for collecting payment that .<\/span><\/p>\n

So, turn your marketing mind onto it. What incentives can you provide delinquent customers? How can you “cut through the clutter” so that YOU get paid (while other vendors wait … and wait)? Good headlines, conversational appeals, and multi-step follow-ups are a good place to start. But then, of course, even “starting” on collecting payment is the biggest step.<\/span><\/p>\n

A few basic ideas to get you going:<\/span><\/p>\n