<![CDATA[Collection agency - Professional Debt collections services for small business, architects, engineering firms, and freelancers. - BLOG]]>Wed, 16 Aug 2017 12:19:37 -0600Weebly<![CDATA[8 small business cash flow problems and the 8 solutions to fix them.  ]]>Tue, 07 Oct 2014 16:26:22 GMThttp://c-rsolutions.com/1/post/2014/10/8-small-business-cash-flow-problems-and-the-8-solutions-to-fix-them.html

Your small business accounts receivable and debt collection solutions...

Small business often faces big problems when it comes to accounts receivable and debt collections issues. Most of my articles are directed toward educating you on how to do things yourselves, and a little bit about how we can help you beyond that. 


Excuse me if this article is a bit self promoting, but what we offer to small businesses, professional service firms and freelancers is so unique and hard to find that if I don't toot our horn once in a while too many hard working businesses will lose money to difficult clients.



Here are some of the common problems you're facing, followed by the solutions (that's where we come in).  


If you're having one of these problems, match it up to its solution in the list below:


1.)  Accounting functions aren't your specialty.  Especially when it comes to asking for money.



2.)  You cannot afford experienced staff to do the tasks.  You don't have the square footage, payroll space, and don't want the cost and risk involved with bad hires.



3.)  Debt Collection agencies won't help you because you don't have hundreds of accounts to place, or your balances aren't sufficient.



4.)  You don't want to deal with the extra time and hassle of dealing with a debt collector company where you have to talk to a salesperson and don't know who is actually collecting your accounts and dealing with your customers.



5.)  You think that having a "collection agency" call your customers will hurt your relationships or reputation.



6.)  You're writing off costly losses at the end of each year and losing hard earned profit that you could be using to grow or simply sustain your business.



7.)   Your dealing with anger and stress over large balances that a client or clients owe you but you just don't know where to turn.



8.)  You think that getting a lawyer to litigate, or going to small claims court, will help your chances of recovery.






The solutions and how we can help you in an easy and cost effective way;



1.)  We know the best practices for accounting and back office procedures.  Having been in between hundreds of companies in dozens of industries, we've seen it all and know what works best for your specific type and size of business.   We are also well versed in accounts receivable and collections.  


We know how to speed up receivables and get you a cash infusion from your more delinquent and difficult customers.  We'll maximize every available dollar that's humanly possible to get into your bank account as soon as possible!



2.)  When Cambridge Receivable Solutions is your trusted accounts receivable and collection department, we represent you with expert level experience.  The person representing your business is professional, intelligent, and works with only your overall best interests in mind.  Our debt collection services are No Recovery = No Fee.  That means FREE if you don't get paid.  No more money out of your pocket.  


We'll get ourselves paid out of the recoveries at a rate that makes sense to your bottom line.  Our other services such as collection letter services and consulting offer easy to notice return on investment.  Either way the knowledge we pass along while working your accounts will pay dividends for as long as you do business.  



3.)  We accept single placement accounts because we care about small business. While we specialize in large balance claims we do accepts some minimum balances of $800.00 and there are some cases we won't accept, but we'll do everything possible to make sure you get the best information and solutions.  We want to help as many good businesses as possible get paid!  We take that seriously.



4.)  When you deal with us you are dealing with a small professional service provider. That's right we are a small business too.  We aren't a giant call center.  We are customized to help your business.  You'll deal directly with your personal cash flow consultant who will advise you on all aspects of your business AND be the one who deals with your customers!  This is the only way for small and professional businesses to go when it comes to debt collections.



5.)  The term debt collector or collection agencies comes with negative connotations thanks to the scores of low experience collection personnel employed by large corporations and predatory lenders.  Don't let that cost you money. I have created a professional option for small businesses to maximize their profits, keep their reputations and relationships in tact; all while making sure you're not going to go out of business due to losing hard earned money that you should have already.  


You can trust us to represent you strictly professionally and within the law.  We don't add to your headaches, we remove them!



6.)  The money that you "don't have time to deal with" or write off every year because you "don't think they'll ever pay" is the same type of truckloads of cash that we recover for your competitors.  This is such a misunderstood area of business.  It's no wonder that it puts so many new or small businesses OUT of business.  Let us put the money you deserve right where it should be, in your account.  All while you continue doing what YOU specialize in and getting more paying customers.



7.)  Too many small businesses have accounts receivable and debt collection issue skeletons in their closet.  Many times the business owner feels they did something wrong.  The past due client has a way of manipulating and stalling businesses into just never following up.  We know the way they operate.  We know how to get you what you rightfully earned, and show you how to strengthen your processes so you minimize coming across these difficult types as much as possible.  


The stress, anger and confusion can be bad for your health and your business. Offload this small percentage to us.  Dealing with them is our specialty.  That's how we add real value to your business.  It's not glamorous but someone has to do it.  We take pride in getting the good guys paid, the right way!



8.)  We are successful in recovering past due debts more often than winning a judgment in court is.  Not to mention it's costly, time consuming, very risky, and also is not even a viable option 98% of the time.  Let us orchestrate a pre-legal attempt.  If that doesn't work, and we think there is money to be had.  We'll let you know your next best option.  That shows good faith on your part!



So long story short, get to know our services.  No one has ever had less for having us as their secret cash flow weapon.


I'd love to have a no pressure, casual conversation about recovering your past due balances, strengthening your contracts, and making sure you have the fastest possible access to your earned income in the future.  




Author's contact information:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
or 
Toll Free: 1-888-908-3905  x 101
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 















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<![CDATA[A quality commercial collection agency that's customized for your unique business.]]>Wed, 01 Oct 2014 16:48:17 GMThttp://c-rsolutions.com/1/post/2014/10/a-quality-commercial-collection-agency-thats-customized-for-your-unique-business.html
We've revolutionized the "Collection Agency" experience by implementing a much more professional, cost effective and hassle free process that you can depend on.  We're successful in recovering debts for companies more often than traditional litigation, or small claims court.  All of our services are either done on a contingency (no recovery = no fee) basis or offer easy to notice return on investment.  On large balance business to business debt collection cases (over $10k), where the debtor is still in business, our success rate is three times the average collection percentages!

We are the collection agency you come to when you need highly specialized representation.  We represent small to mid-sized businesses, professional service firms such as architects/engineering firms, and creative freelancers too!  Not only that but our small firm approach allows the value of our services to go far beyond that of traditional "debt collectors".  Instead of alienating your clients we use facts, law, and professional correspondence to encourage communication and get the desired results; getting you as much as possible as soon as possible with no ill effects.



Our professional, in depth services are well rounded to speed up all your accounts receivable, get you an infusion of cash from delinquent balances, and also to secure your future earnings while minimizing losses.  Using decades of quality experience and knowledge of what works best today we can quickly identify gaps in your cash flow management and improve them.


We understand your needs and look forward to helping you maximize profit for as long as you do business.


Make yourself at home with all the free resources on our website and feel free to take advantage of the many convenient ways to reach out to us on our CONTACT page.



Author's contact information:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
or 
Toll Free: 1-888-908-3905  x 101
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 

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<![CDATA[Free advice on accounts receivable collections for small businesses, professional service firms, and freelancers.]]>Wed, 01 Oct 2014 16:29:43 GMThttp://c-rsolutions.com/1/post/2014/10/free-advice-on-accounts-receivable-collections-for-small-businesses-professional-service-firms-and-freelancers.html
Those accounts receivable and debt collection issues are not going to resolve themselves when ignored.  Instead they will continue to grow, compound, and decrease in value resulting in unnecessary losses of what should have been your hard earned profit.  


I've handled cash flow process improvement and accounts receivable collections for dozens of industries and enjoy sharing my experience with quality business and creative people. In my 17 years I have recovered tens of millions of dollars for my clients with NO ill effects whatsoever.  


I offer a free confidential online consultation form to allow me to reach those who can benefit from my expertise.  There is no sales funnel or obligation.  Once I receive your completed form I will assess the situation and offer my best advice whether it involves my services or not.  I offer this as a way to build new relationships, show transparency and build trust so that I can attract clients who will need and benefit from what I offer.

I add value to your company and work efficiently so that there is no risk whatsoever in having me involved with your business.  You do however run the risk of having quite a bit more time and money on your hands and experiencing less headaches.


I look forward to hearing how I can help your small business.  





FREE ONLINE CONSULTATION FORM







Author's contact information:


Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
or 
Toll Free: 1-888-908-3905  x 101
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 
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<![CDATA[Ask yourself these 10 questions to avoid getting stiffed by clients.]]>Fri, 05 Sep 2014 20:02:31 GMThttp://c-rsolutions.com/1/post/2014/09/ask-yourself-these-10-questions-to-avoid-getting-stiffed-by-clients.html

Debt collections and accounts receivable can be a real headache for small business, professional service firms, and freelancers! How are you supposed to stay in business if you can't get paid for your products and services?



Here are 10 things that I can tell you with certainty will help smaller operations whose clients are the same.  Ask yourself these ten questions about your business and your clients.  Give them some thought before your next engagement with a new client. Adjust your processes a little bit.  You either have someone who owes you money and isn't paying or you will.  Be prepared for it.   


1.)  Are you looking before you leap into time consuming projects?  Don’t jump headfirst into projects.  People, companies, and shiny wordpress sites ARE NOT a guarantee of status or integrity.  ANYONE can have 500 Linkedin connections, thousands of twitter followers, phony Facebook friends/likes, and a well designed website claiming whatever they want; all set up within a week or so.  You need to verify that there is substance behind it!  

2.)  Do they have a phone number, address, email, and/or anyones name/s published on the site? Gather as much contact info for them, their company, and their associates as you can!  Cross reference it all online and fact check things that they tell you.

3. ) Is your contact easy to reach? Do you have any other contacts with their company?  How fast do they reply to calls and emails?  
Information is power, gather as much info as you can up front, then update and add to it as you go along.  Sometimes there may be only one person in the company and that's fine, just make sure that one person communicates properly and has an ounce or two of integrity. 

4.)  Are you documenting that you're the good guy?  Communicate clearly about what they want, how they want it, and when they expect it.  Discuss these things in detail, and document the agreement with a signed/dated contract, and then continue to document important things via an e-mail chain especially if the project veers even one iota off the original written agreement.  If you can’t prove it, IT DIDN’T HAPPEN!

5.)  Do some research on your client.  Google is your best friend, use it!  Many times there are immediate red flags.  You have to work smart on this process when you and your client are too small to operate based on credit ratings etc.  Remember many of these clients have no credit, and use no credit, you have to think ahead about what your leverage and recourse will be if they try to run off with your payment.

6.)  Do they have a current social media presence?  This one isn’t an exact science, but I can tell you the businesses we chase have usually gone quiet on all online avenues once they are facing financial trouble.  Having done this so many times, I can profile subjects extremely accurately based off a few simple factors.  You can too eventually.  On the flip side many unsavory scammers are out there posting bible verses on Linkedin the same day they steal thousands from a reputable business.

7.)  Do they have an office?  Believe me there are plenty of reputable businesses that are operated from home, small offices, remotely, whatever.  However, if a business professes to be an international corporation with say thousands of employees, and there address can be traced to a double wide on google maps, then that’s a red flag.  Basically, are they professional or are they at least what they claim to be?  I've chased plenty of "Chief (fill in officers)", people with glamorous online profiles that make them look rich claiming "I love my life", and so on only to find out I am chasing what is basically a career criminal who takes advantage of everyone within 5 feet of them.  Use caution or get burned.

8.)  Are they an actual legitimate business?  Knowing how their operation is set up from a tax standpoint can give good insight.  Are they a self employed contractor under their personal name?  Do they have a registered Corporation or LLC with the Secretary of state?  Is it in good standing?  How old is it?

9.)  WHEN will they pay?  Get paid as quickly as possible.  The less time and service you put out without payment the less you are at risk to lose!  Don’t do $2,000.00+ worth of work ahead of time without talking details and then get surprised when a problem arises.  Give it some extra attention, and recover $500 at four points in the project.  You give them an inch, they will take a mile!  So have them pay by the inch if it’s acceptable in your industry, or at least with high risk or new clients! 

10.)  Are you doing your part?  Remember that you must do your part as well.  If you aren’t performing as agreed and being reasonable as well, you cannot expect them to pay good money. 

So in closing, be thorough, precise, and do not leave any gray areas no matter who you are working for.  Listen to your gut.  We are all in business to get paid, and it is not unreasonable to take that seriously.  



If you need help with any of these things we have a menu of services designed specifically to take all the time, stress, and headache completely out of the equation for you.  You're not too small to have one of the countries best representing you in strengthening your cash flow processes and making sure you're not losing unnecessary profit.




Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
New Clients: 636-487-0986
or 
Toll Free: 1-888-908-3905 
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 


If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc
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<![CDATA[These 10 mistakes are costing your business money]]>Mon, 04 Aug 2014 21:53:42 GMThttp://c-rsolutions.com/1/post/2014/08/10-mistakes-your-business-is-making-that-cost-you-money.html

A perfect collection agency for small business? Yes please!

When it comes to accounts receivable problems and collection issues no one feels the pain like small businesses do.  While SBA.gov defines small businesses as those having less than $21.5 million dollars in annual receipts many of the small businesses that contact us for collection services are single person businesses that are simply striving to provide a single family's income. In fact approximately 70% of small businesses are owned and operated by a single person.  

These operations count on positive cash flow simply to survive.  They aren't backed by millions of dollars.  Only a third of them even use (or have access to) business credit.  Every dollar counts and you don't have the time, expertise, or resources to handle time consuming collections yourself. Don't get mad, frustrated, or let your business fall apart while you chase after non-payers.  You can win at this game.


"Only 50% of businesses survive the first 5 years and in 2009 a small business went bankrupt every 8 minutes."  
-Business insider



If your a small business and you want to stay in business or you are a freelancer and you don't want to prep your resume and return to a 9-5 you had better pay close attention to protecting yourself from losses.


Too often small businesses...

1.) don't do enough before the sale/engagement to qualify customers.


2.) don't have a contract stating the terms, or use a poorly worded agreement that lacks crucial clauses to protect themselves effectively.

3.) don't invoice properly and don't follow up quickly or often enough when invoices go cold.

4.) lack quality contact information and are unable to locate the debtor.

5.) write off losses simply because someone doesn't pay as they are supposed to.


6.)  waste time or company resources by chasing payments ineffectively.


7.)  feel as though somehow they themselves have done something wrong.


8.)  accept excuse after excuse until the owing party finally ceases communication.


9.)  waste time and money in small claims court only to realize they still won't get paid.


10.)  fail to get help from a professional early on in order to maximize debt recovery and focus their time on new/paying customers!



When your small business lacks the time and expertise to stay on top of your account receivable management and collections you need help.  Cambridge Receivable Solutions specializes in helping businesses like yours be able to minimize your losses in a cost effective way.  We share our extensive experience, tools, professionalism, and persistence with your business so you can maximize your profit risk free.


Here is a DETAILED MENU of the services we provide for all small business, professional services, and creative freelancer clients.  

Don't hesitate to e-mail or give me a good old fashioned phone call to discuss your past due invoices.  I have an open door policy and love talking to people about my area of expertise which is getting the good guys paid!!  I'll do what I can for you regardless of it you need us this time or not.

Have a look at our services page for more info.



Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
New Clients: 636-487-0986
or 
Toll Free: 1-888-908-3905 
jlindsey@c-rsolutions.com
info@c-rsolutions.com

www.c-rsolutions.com 


If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc












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<![CDATA[Experience. There's not an app for that. ]]>Tue, 01 Jul 2014 18:16:58 GMThttp://c-rsolutions.com/1/post/2014/07/getting-paid-what-to-do-when-there-is-no-app-for-that.html
Sometimes there's just not an app for that!


Making sure your business recovers every possible dollar it’s earned is one of those issues.  When thousands of dollars in accounts receivables go cold, whether from one or multiple clients, you are going to need a real live, good old fashioned human being.  Not only that but someone with deep real world experience in what it takes to turn nothing back into something.  Someone with tenacity, professionalism and all the tools it will take to make the impossible happen. 


The people or businesses who are trying to get out of paying hundreds, thousands, or tens of thousands of dollars for your hard work, are not swayed in the least by a friendly little reminder notice sent from your i-phone. 


You need a specialist.  A full service "do what it takes" ally who takes getting you paid seriously.

Cambridge Receivable Solutions, LLC is not what you typically think of when you think about a "collection agency".   We revolutionized this process for businesses like yours, the ones who need it most.  How is that you ask? 

1. We are not a call center.  Instead we are a small professional services firm of only highly experienced, educated professionals who operate strategically and intelligently on your businesses behalf.  

2.  We do not, never have, and never will work for credit card companies, telecom, payday loans or any other predatory lenders.

3.  We only help the good guys!  That's right, the good guys.  We only take on quality clients with good honest businesses who deserve to get paid for their products and services.  We operate with integrity and expect the same from our clients.

4.  We do not use automatic dialers. The business we handle needs a personal touch, the extra element of professional representation. 

5.  Our letters are on heavy stock paper with our letterhead, not multi-colored generic form letters. 

6.  Our calls and letters are tailored to each individual account specifically, which increases our recovery rates high above the industry standards.



How do you do it? They won't even respond to me, or they are just plain refusing to pay what they owe.


We use facts, evidence, the law, and persistence.  Not to mention we have the luxury of spending more quality time with your accounts than the sweat shop, archaic, collection agencies you might be thinking of. You get to rest easy knowing all possible avenues are being taken, and that if there is a chance for recovery, we'll be there to get it for you.  We take as much time as necessary to get you paid.  

We have so much experience with the psychology of recovering past due funds that we are able to do so most of the time with minimal resistance.  It really is an art form and one that we have mastered. We are professionals performing a crucial business function.  We assist small businesses who don't have the time or expertise to minimize losses effectively. 

We encourage communication, get the owing party talking wherever possible.  We present them the facts and give them a chance to do the right thing on their own which many times is all they are looking for-at least once they realize you have escalated the issue.  Also, the harsh truth is that many people and businesses stiff people all the time.  It's their way of building businesses on the backs of others.  


Some people lack integrity, so they take a "make me" type of approach to paying their bills. Some just don't have the money so until they feel it's urgent, for example getting a letter from a company like ours, they put it on the back burner.  We are proficient in getting you made a priority.  Something you just can't do with these types on your own.

We can't divulge all of our secrets but the best way to sum it up is, if there is any possible chance for you to get paid, we'll get it paid, with no hassle for you.

As a small business owner, freelancer, or professional service provider you need real, quality debt collection solutions.  That's why CRS was created to fill that void and allow you to take advantage of a smart money, cost effective way to offload some of that stress and headache and turn your stalled profit back into money in the bank.

Let us help....

How many services can you think of that only get paid IF you get the desired results? Do you have to pay a doctor if you don't get well soon? Yes.  Do you have to pay for that crappy HP printer even if it breaks after a year?  Sure do.   Do you get a refund on that produce you bought at a premium price after you get home and notice it's rotted?  Doubtful.  You see where I am going with this.  

We are one of the last real refuges of accountability.  If you don't get paid, neither do we! You pay nothing up front.  As long as you understand the following you'll know you are making a smart business decision by having us manage your past due balances...

Something > Nothing

Whether you have accounts just over 60 days past due, or over a year, we can talk about getting them resolved.  Not only that we'll be here to help you with questions on other problem accounts and to help you firm up your processes so that going forward you need us less and less.  So don't get stalled and let past due invoices sit there aging.  The older they are, the less likely you'll ever see your money.  

The sooner you take action the more we can help.  The stronger your in house processes are, the more effective we can be when the inevitable happens.  We can also help to make sure you are taking steps to minimize problems by helping you tweak your procedures, contracts, and follow up process as well.

We are successful more often than going to court and winning a judgment when it comes to recovering past due balances. Yes you read that correctly.  Not to mention you'll save a ton of time, headache, and out of pocket money.  If it has anything to do with a business owing another business money, we know the best ways to handle it and if we don't think we can help you we'll let you know that too and point you in the right direction.   

Remember our contingency collection services are No Collection = No Fee.  So you won't have to spend any more money just to find out IF they'll pay.  You literally have nothing to lose and everything to gain by using this smart money approach.  

Good luck and contact us when you are ready to maximize your cash flow.  We will take the time to answer any questions you have and make sure our business to business relationship will thrive. We won't make you the bad guy, but we won't let you be a sucker either!


Thanks for reading!


Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
New Clients: 636-487-0986
or 

Toll Free: 1-888-908-3905 
jlindsey@c-rsolutions.com

info@c-rsolutions.com

www.c-rsolutions.com 


If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc


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<![CDATA[Getting paid! A Collection agency for Freelancers and the self-employed ]]>Tue, 31 Dec 2013 22:25:25 GMThttp://c-rsolutions.com/1/post/2013/12/getting-paid-a-collection-agency-for-freelancers-and-the-self-employed.html
Now is a time when you really need to get your records in good shape.  Poor record keeping is one of the main things that puts small businesses, out of business.  You can't be out of touch with the numbers. You should have solid record keeping practices year around, a user friendly software to track your expenses/taxes, a proper invoicing system, pay close attention to the aging of any accounts receivable, and much more.  

As you know these among other things are keeping Freelancers, Small businesses and the self-employed very busy. With so many other things filling their plate dealing with finances often gets put off.   Whether you are struggling, or making money hand over fist, you cannot put off having a strong grasp on your cash flow.  Regularly published statistics, as well as the data I personally keep, shows that freelancers are taken advantage of regularly when it comes to compensation. You may have also seen the "get paid not played" campaign that saw independent workers logging over sixteen million dollars in unpaid debts.


Dealing with unpaid invoices (debts) to your small business..

Regardless of how well you adhere to even perfect financial practices, late and non-payers will become an issue for all of us at some point.  At least those of us in industries where full payment up front is not the norm.  Whether clients come to me as freelancers or the VP of Finance for a mid-sized services firm, whether they come to us with one account with a $2,000.00 balance, or twenty accounts averaging $20,000.00 a piece; they all have the same problem.....

..sometimes people don't pay what they should, when they should!

I am actively handling these situations for businesses just like yours and I'd like to help resolve any problematic invoices you currently have, and then strengthen your processes so you can avoid non-payment as often as possible in the future.   I love sharing my first hand experience with these hard working, creative, professionals and know what it takes to minimize losses.



Don't make these common mistakes..


-Not using a proper signed and dated contract (where applicable).
-Straying from the terms of service, or scope of work, on projects.
-Not invoicing properly.
-Putting in thousands of dollars worth of time without any payment up front.
-Getting stressed, emotional, or angry with a client and making idle threats.
-Allowing "seemingly good intention" clients to endlessly stall your payment.
-Forgetting or writing off hard earned profit.



For more on what you SHOULD BE DOING...
be sure to read my blog, have a look over the Cambridge Receivable Solutions website, and contact me any time to discuss your situation.  Our specialized collection service is done on a contingency basis, meaning we don't get paid unless you get paid, so no upfront cost.  In other words you'll never have less for using us as your representation in speeding up and obtaining payments professionally.  

Big business style back up, that's specially designed for "Freelancers".  I am continually designing & developing more ways to help, and will keep you informed of some new offerings coming up.  

This will be a continued "grass roots campaign", if you will, that will help the ever increasing number of independent professionals get in the know BEFORE they lose thousands of dollars.  Use my personal information below to get in touch with me directly.

Anyone who has dealt with me directly knows that I care about each client and go beyond the call of duty for the good guys!  CRS is successful in recovering bad debts more often than traditional litigation, or small claims court, even when a judgement is awarded.  


GREAT NEWS!

You don't have to deal with the run around in dealing with large collection agencies that don't care about your business, you don't have to do your clients any injustice, and you don't have to waste more time and stress in vain.  You're simply choosing to have a professional ally to help ensure you are paid for your work in accordance to laws and facts.  Get in touch sooner rather than later, as the more time that passes, the less likely a recovery.



Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 



If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc










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<![CDATA[Does my business need a collection agency?]]>Wed, 18 Dec 2013 20:49:55 GMThttp://c-rsolutions.com/1/post/2013/12/does-my-business-need-a-collection-agency.html
Are you wondering if your business should hire a collection agency?  If you have any past due accounts the answer is likely yes.  Have you been writing off unpaid debt? Do you have a customer or customers who are over 60 days past due? Would you like to stay in business?  If you answered yes to any of these questions you should probably continue reading.


Large corporations and lenders

These are obviously going to accrue obscene amounts of accounts receivable and bad debt. An average of 18% of all A/R debt is past due nationally at any given time. It's just a factored in "cost of doing business" for them.  So for nice round numbers, if they invoiced for 100 million dollars in any given year, 18 million dollars are past due and at risk of loss. They'll have an in house collection department who will go after past due balances through 120 days past due. 

Once they go past that point they get shipped out to a debt collection agency by the hundreds, or even tens of thousands of accounts monthly.  While non-payment can bankrupt even the largest corporations, they have many options even beyond collections to factor or eventually sell off some of their bad debt.  

Having been a contractor and collection consultant for many such large Corporations for almost a decade I can tell you that while there is always room for improvement on even their bottom lines, they don't really FEEL the pain of non-payment like the little guys do.  


Mid-sized companies

It's been my experience that mid-sized companies try to operate like big companies when it comes to dealing with accounts receivable and collections, and sometimes that can work.  While they do have the ability to use a similar strategy, and also have a few more customized options to protect from losses, they are typically missing a good chunk of profit recovery in a way that, fittingly, is right in between Large Corporations and Small businesses.

They often aren't using the proper overall strategy.  Many times they have an ill-equipped collections staff that just isn't effective enough, and then don't outsource what's not recovered; in other words give up too quickly.  They have low wage, inexperienced employees as "collection specialists" who are actually just taking up unnecessary resources, sq. footage, and expense for something they could outsource at a fraction of the cost; all while decreasing risk and increasing profit.  

One very common mistake in this sector is having members of the accounting or sales team make collection calls (this goes for small businesses too!). These people already have jobs to do and have no idea the many different factors at play in recovering past due balances successfully.  Not to mention they interact with these customers and need to keep a great rapport with them, no need to make it awkward for either party. 



You have to take a step back, look at the big picture, and then set your processes in a finely tuned way that fits your organization's specific situation.  Many times something important is not being done at all, or things are being done in the wrong order.  Have you scrutinized your cash flow maximization?

The bottom line remains, whatever your current process, if you have any losses in a given year, you could benefit from a professional collection strategy.  My experience allows me to see this crucial aspect of cash flow in a unique and valuable way.  If you have questions, or want a quick diagnostic, contact me directly.  I am also still actively consulting on these matters.  




Small business and Freelancers 

Many small businesses look like bigger businesses.  Depending on your industry, number of employees, and annual sales, the lines are often blurry between small-mid sized businesses and corporations.  For the purpose of this section, when I talk about small businesses, I refer mainly to those with less than 100 employees that generate up to $21 million in sales.  That includes all the one man shows and freelancers as well!

This is a sector we focus on heavily.  The reason we do is that we believe in small business and everything it stands for for this country, for individuals and families, communities, and also because they need us the most.  Some of these are too small to have any type of credit approval process, they don't have the time or resources to deal with collections correctly and effectively.

They often fall victim to or are prayed upon by other small businesses, start ups, or large corporations who essentially feel they have the right to walk all over these hard working entities.  Contracts, invoicing procedures, and collection resources are often struggling in this sector.  Unfortunately those are things that you cannot ignore when you count on every dollar from every job to pay the bills and grow your business; if not just maintain.

When a small business owner has past due balances, and are getting ignored when it comes time for payment, they often give up or get emotional about the situation. Many times this prompts an improper response, or one that hinders your ability to make the best possible resolution.  They may think of collections as some mysterious or devious process that may hurt their reputation, and that's just not the case.  


Large collection agencies either won't accept single or small batch placements, or they'll accept them but make lackluster attempts to collect, then give up too quickly. All these factors leave you frustrated, wasting time/money, and many times just plain going out of business.

Whether you have a hoard of accounts receivable skeletons in your closet or stumble across one non-payer a year, a specialized, professional, collection firm like ours can be your secret weapon! You did the work, you deserve to get paid.  We gather all the pertinent details and examine each non-payment situation in detail. We then use our experience to save you time and money by taking on the responsibility of putting money back in your account where it belongs.  



Depending on your industry, the average days delinquent, average balance size and staffing, there are a myriad of factors that must be analyzed to determine exactly what your best strategy is to increased your access to earned income, and simply minimize losses.

Doing the right things on your own from start to finish, and then knowing when to say when and contact a professional, will ensure you don't end the year with a dusty file of profit loss.  We can help you with both of those crucial steps.  All the best accounting software, apps, invoicing systems, and accountants won't help with the inevitable non-payment situations that require the knowledge, deep experience, and hands on leverage we can provide your business.

A strong and professional cash flow management ally like Cambridge Receivable Solutions will make sure that you are recovering every possible dollar in the most cost effective way possible. You will never have less for having us on your side.  All of our services are either No Recovery=No Fee (Contingency) or offer an easy to notice return on investment.  Keep us on speed dial. 


Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 



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<![CDATA[Three tips to help minimize non-payment to your SMB or Freelance business.]]>Wed, 11 Dec 2013 21:22:54 GMThttp://c-rsolutions.com/1/post/2013/12/three-tips-to-help-minimize-non-payment-to-your-smb-or-freelance-business.html

A good portion of our private practice collection agency business comes in from Freelancers and small to mid-sized businesses (like these).  If you fall into these categories, you’ve likely realized that getting paid at all, let alone on time, can be a challenging task.

Having an interesting perspective into thousands of similar non-payment situations over the past 16 years, I can tell you that many businesses are having big problems with late and non-payers. Many times we are collecting for businesses that are in a cash crunch, against businesses that are in a cash crunch!  While that is a sign of the times it's our mission to try to stop, or at least improve, this vicious cycle.

In a perfect world every business would be able to have processes in place to minimize against non-payment, to include a vetting (or credit) procedure of some kind to ensure that you are doing business with the most qualified clients possible, followed by proper documentation, invoicing, follow up, and where needed; debt collection escalation. 

In this utopia every business or client you dealt with would have the funds (or cash flow) to back up the products and services they are taking advantage of, in a timely manner.  Your clients would all communicate effectively and then pay as agreed.


Here are three quick tips, directly from the trenches of non-payment, for our friends in Freelancing and Small businesses.


                   
1.) 
Have a signed and dated contract! 


Working without a proper, enforceable, contract is dangerous!  Also, depending who you are dealing with, how they are set up, and what kind of funds/assets they have behind them; even a contract doesn’t guarantee payment with or without collection help and eventual litigation (to include small claims court).  Keep in mind too that Cambridge Receivable Solutions is successful in recovering debts more often than the legal avenues, even when a judgement has been awarded. 

There are many ingredients a contract must have.  They are specific to the type of business you do, the scope of work, payment terms, cancellation terms, and much more.  A crude proposal or terms of service might cut it when the client intends to pay and does the right thing, but if you really want to minimize your potential losses you have to be thorough. Every detail is important. Communicate throughout the process and don’t start until it’s understood by both parties and the contract has been signed.



2.) 
Be cautious when working for startups of any kind, and/or small, un-established businesses!


Working with startups of any kind (businesses that are new or un-established) is risky!  Everything may seem fine, up until it’s time to pay that is!  You absolutely would not believe the situations we see and what lengths some will go to stall or avoid paying you all together if possible.  Many freelancers can’t completely avoid these types of clients and I would be happy to share some more safeguards with you if you have a specific situation you’d like to contact me about.

Many situations we deal with could have easily been avoided had the client been more in tune with some simple red flags to watch out for.  We see web designers, software developers, copywriters, and many more get caught in this trap when helping "companies" get set up in lieu of payment. 



3.) 
Never judge a book by its cover…..its Linkedin page, or its shiny website!


Think a friendly voice and a verbal promise to pay is enough?  It's not!  We see many situations where what appears to be “reputable business people” acting in good faith quickly turn into strategic non-payers, conveniently ignoring all the facts, and discounting any rapport you have built through your hard work.  Many have cash flow issues, but will never admit it. Instead they continually hide behind something being wrong with your services even when obvious proof to the contrary exists.  Don’t let your payment become a hostage to unethical people who want to build a business on your back.  

Never get excited about starting a new project and blindly start spending time on it UNTIL the business end is secured (See #1).  LOOK before you leap.  Gather details, do some research, find out who and what are behind this business.  Who will be responsible for payment, and how will you reach them when the crickets start chirping after you've invoiced?  Gather as much contact info as you can for your contact and their associates.

Does it feel like they have something to hide?  Does anything not ad up?  Listen to your gut and be honest with yourself about the risks.
  Do not start until all the I’s are dotted and the T’s are crossed.   If you don’t get paid, you go out of business.  This is the most crucial part of what you do, mind it!  There are always two sides to every story, you need to be able to prove yours, and leverage it to get what you earned if necessary.



The good news is that there are best practices for being able to minimize issues with these types of problems and also to deal with them when necessary, but you must get educated about the ways to protect yourself.  There are so many different factors and unique situations it’s difficult to pack all the details and advice into one article.

Once you have a set procedure in place it doesn’t take much extra effort or time to enact these safeguards throughout the project.   Then, when a problem does arise, you can lean on the fact that you’ve taken the proper steps to increase the likelihood of turning that tough situation back into acceptable compensation.  Even if that means getting professional assistance, it’s worth it.

Non-payment is a huge issue for the “little guys”.  The stress and setbacks it can cause can be debilitating for any business owner.  Help us help you by taking a pro-active approach throughout each deal.  Beyond that, realize that you have an ally with deep experience, tools, and firsthand knowledge about what it takes to collect what you’re owed.  We know all the laws, we know the games, we know the psychology.  We’ve seen it all, and conquered it all. 

Whether you have the forethought to get armed for these issues up front, have some unaddressed issues from the past, or are dealing with it now; we have cost effective solutions just for you as well as no recovery=no fee debt collection options. 



Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 






If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 
Join my personal network by connecting with me on Linkedin;
http://www.linkedin.com/pub/jason-lindsey/44/567/165/

Follow CRS on twitter: 
https://twitter.com/getpaidfaster

Follow CRS on Linkedin:  
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<![CDATA[Getting paid, it's how you stay in business.]]>Wed, 30 Jan 2013 18:46:34 GMThttp://c-rsolutions.com/1/post/2013/01/getting-paid-its-how-you-stay-in-business.html
As the title of this post so obviously states, getting paid is how you stay in business!  It sounds like a simple concept right?  You would be very surprised at how complicated the issue really is.  I assist everyone from Freelancers to VP's of Finance, CFO's, and CEO's on A/R and Debt Collection best practices regularly, and have been in the business of getting the good guys paid for over sixteen years. 

So many experienced, as well as newly Self-Employed, Freelancers, Small Business Owners, and Professional Service Firms, struggle with unpaid invoices from clients; you're absolutely not alone. 

My goal is to continue to address the problems for these groups, as well as educate you on what you can do yourself, to help you minimize your losses.



In order to maximize your cash flow, you must first understand and accept the following;


1.)  You are responsible for seeking out, setting up, and adhering to the best possible in house practices with regards to ensuring payment for your business.  It's your first line of defense against inadvertently giving away time or resources that you provided with expectations of payment.  Whether every dollar is detrimental to your bottom line, or you're making money hand over fist, you should always be pushing to ensure that you don't leave hard earned profits uncollected.


2.)  It is imperative that you perform as agreed and only seek out work for which you are qualified to live up to your end of the bargain on, per whatever terms are understood.  If you can't reasonably do that with each client, and prove that you did, it's irrational to expect payment for such products or services.


3.)  Regardless of how perfect you set up these processes, qualify your clients, and deliver these products or services, slow (and no) payers will be a fact of life for most of you.  The statistics are out there, and I quote them often. I am also privy to first hand data, based on those we work for and against, on a daily basis.  As I said before, you are by no means alone in not getting paid perfectly.


4.)  This is an important one, and the one I believe is the biggest factor in causing losses for the groups I am primarily addressing.  You MUST know your wisest, and most cost effective, options for dealing with these non-payment situations.  If you've accepted, and stuck to, 1-3 (above) then most of this is already in place. 


5.)  The final ammunition to combat potential profit loss is to stick to your well thought out plan.  Take proactive steps to minimize the threat of such loss-in a timely fashion.  Once you understand WHY it makes sense to your bottom line, and you've stuck to and accomplished all of the above, it's easy to proceed with confidence and reap the rewards of maximizing your profits! 




In doing all of these things, and making them a priority at the appropriate times, you WILL minimize your stress levels, you'll stop wasting time that you could spend attracting and nurturing new business, and ensure that you are depositing every last possible cent that you are entitled to-with no adverse effects.

There is a general lack of specialized "in the know" information out there for you to tap into on this subject.  There is also quite a bit of misinformation out there that seems to have many of our new clients unaware of their best options, until we begin working with them.  Don't give up on payment! We recover balances from 31 days past due, to over a year old, for all kinds of clients who otherwise would have written off significant losses unnecessarily. 



Thank you very much for your time, and may your cash -FLOW- in the proper direction in 2013! 

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Contact the Author:

Jason Lindsey
President & Principal Consultant
Cambridge Receivable Solutions, LLC
Direct: 636-238-3843
Toll Free: 1-888-908-3905 Ext.101
jlindsey@c-rsolutions.com

www.c-rsolutions.com 




If you liked this article, help me share it with others who could benefit from it.  Share it on Twitter, click the like on facebook icon below, or....
 

Join my personal network by connecting with me on Linkedin;

http://www.linkedin.com/pub/jason-lindsey/44/567/165/

Follow CRS on twitter:  https://twitter.com/getpaidfaster

Follow CRS on Linkedin:   http://www.linkedin.com/company/cambridge-receivable-solutions-llc


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