- June 10, 2022
- Posted by: Bryan Dube
- Category: Uncategorized
When you run your own business, financial management is extremely important. In many cases, you’ve built an organization to serve a specific need in the marketplace. Your customers depend on you for helpful products and services that can help them solve problems. In turn, you expect your customers to pay you on time—or to make other arrangements to ensure your business is made whole and can continue to operate. Debt collection is an important service that can take the stress and strain off you and your team, and no debt is too small to matter.
Debt collection is key to staying financially stable
That might seem like a bold statement. After all, thousands of dollars of debt is more important than a few hundred dollars, right? Not when you’re a business owner. Businesses are run and staffed by people from all walks of life, and people routinely face financial challenges that have implications for the collections process. Although statistics vary from one year to another, surveys consistently find that a majority of Americans live paycheck to paycheck. If your business lacks access to a collection service and can’t successfully secure even small debts, your ability to cover your expenses, pay your salary and pay the salaries of your team diminishes. The inability to collect small debts can put your company’s finances in jeopardy as well as the finances of you and the people you depend on to run your business.
Integrity is matters
No debt is too small for business collections because the integrity of your business is at the heart of the issue. As a business leader, you deal honestly and fairly with your customers. You provide high-quality products and services, and you do it with pride day in and day out. You expect your customers to pay for the services you’ve rendered because it’s the right thing to do and because it ensures you can continue to run a business that serves them and their community. Integrity is a core business value that’s worth pursuing in an ethical and responsible way, including when it comes to debt collection. It’s extremely important that debt be collected according to the principles established by organizations such as ACA International, The Association of Credit and Collection Professionals. Whether you are owed small or large debts, the way you treat your customers will have repercussions for years to come. You must manage sensitive conversations with compassion and excellence.
Small debts add up
Finally, no debt is too small for your business because when it comes to running an organization, every decision matters. Although you could walk away from small debts and only focus on larger ones, the reality is that every debt adds up. Rather than facing a collections snowball, working with an organization that believes no debt is too small ensures you are focused on financial security for your business while honoring your customers, including their needs and challenges. FCR Collection Services can help your organization attain financial security while preventing the risks that come from mounting debts. To learn more about how we can help, call us today at 1-949-440-4600.