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MBA WGP #45 - Promises Make Debt

MBA WGP #45 - Promises Make Debt

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DATE : Sun, 18 May 2008 20:28:00 GMT
Entered in Database : 2008-05-18 20:28:00
length : 8341581
Link to the Show / Show Notes

-7 Steps of Civil Debt Recovery
-Collecting Past Due Money
-What about Bankruptcy?

Welcome back to the MBA Working Girl Podcast-Where Business Theory and the Real World Collide! I'm the show host, producer, and blog writer, Laura Adams.

MBA Essential Tip:
The Accounts Receivable department may not seem like the most glamorous position in a company. But after Sales and Marketing, it's truly the most important department. Salespeople can be incredible at selling, but if the money isn't rolling in, a company can't afford to pay their sales commissions!
Collecting money from regular customers is a delicate balance between cutting them some slack from time to time and protecting the interests of the company. Knowing when to put a regular, but slow paying, customer on Credit Hold can be a difficult decision.
The best way to avoid doing business with a slow-paying or non-paying customer in the first place, is to require a thorough Credit Application. This application should include all legal information about the potential customer, vendors they submit as references, and your payment terms and general credit policies. Be wary of any company that will not complete a Credit Application in full. And carefully consider doing business with a company who's references will not return your calls or that are not positive.

"Promises make debt, and debt makes promises." -Dutch Proverb

In this show I'll talk about some options you have in the U.S. for collecting past due money from a customer.  Knowing what you can and can not do as a creditor is important for successful collection!
We'll cover 7 steps involved in Civil debt recovery. And I'll also touch on Bankruptcy and how it changes the game completely.

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