Normally on this blog we give advice to our clients and creditors who are owed money. The pandemic and resulting economic impact are causing many companies to struggle financially for the first time. Here are some tips for both debtors and creditors considering a payment plan as a way to resolve an issue. If you … Read more
A 2019 report found that millions of Americans did not have enough money to survive missing even one paycheck. Well, it’s 2020 now, and we’re in the middle of an international pandemic. A pandemic that has caused millions of Americans to miss that one paycheck, and more. So, it’s no surprise that people are falling … Read more
Cash is King during COVID-19. Poor cash flow can cause a significant number of financial issues but in a pandemic it can destroy your business. The good news is, strengthening your cash flow in a volatile environment can improve your overall cash position. Cash flow is about both bringing in more cash and spending less … Read more
In today’s business climate, managing cash flow efficiently is more important than ever. One aspect that can dramatically affect a company’s financial health is how effectively it manages debt collection. Outsourcing this critical function to a debt collection agency can offer numerous advantages that go beyond simply recovering outstanding debts. Enhanced Recovery Rates Debt collection … Read more
No matter what kind of business you run, the current pandemic is probably testing your leadership skills. Whether your business has gone online, or is still physically open, you are handling new expectations, rules, and staff concerns. Research shows that one of the qualities that most helps leaders remain effective in a crisis is mindfulness. … Read more
Negotiations are a large part of any collections business, and empathy is at the heart of every negotiation. Empathy means being able to see and understand someone else’s point of view and needs. So, while I may want to collect as much of the money owed to my client as possible, I also need to … Read more
During this difficult time, protecting your health and the health of your family is the most important task. Of course, the health of your business is critical as well. The Covid-19 crisis will end. When it does, you want your business to be in as good a shape as possible. Keeping your business running and … Read more
As a collection agency, we obviously think that we’re in the best position possible to help you collect on unpaid invoices. But, we are sometimes asked for alternatives. We don’t take it personally, we know people like options. Here are four other ways you could potentially deal with unpaid invoices. Invoice Factoring With invoice factoring … Read more
You’ve probably heard that there’s a statute of limitations on debt. Whether you owe money or are owed money, you’re probably eager to know if your debt can still be collected on. In both cases the answer is … it depends. What Does a Statute of Limitations Mean If you watch a lot of police … Read more
If you aren’t vigilant as a business owner, small business loans and debts can pile up very quickly. This can cause big problems that affect different areas of your life: from anxiety and stress to the business’ eventual shutdown. Even if you haven’t gone through it yourself, this scenario might sound familiar. This is because … Read more
Part of being a collection agent is being a negotiator. I’ve mentioned before how important I think negotiation strategies are for everyone. Recently, I was talking to a friend about some unfortunate medical bills he was facing. I asked if he had tried negotiating with the hospital and he looked at me like I was … Read more
Let’s be honest. Most of us are very good at making new year’s resolutions, we’re just not very good at keeping them. People tend to keep resolutions until about January 15th, but by the time January 31st rolls around, they’ve generally moved on, or rather back. Goals are hard to keep. The new year is … Read more
The year 2020 brings more than just a new decade, it brings a new crop of laws. From legalized marijuana in Illinois to California’s new laws regarding freelance employees, there are multiple laws that could impact your business’s finances. According to a survey by ComplyRight, only one in four businesses are “very confident” in their … Read more
Nonprofits and for profits differ from each other in many ways. But, one thing the two types of companies have in common is that they both need to collect money in order to keep on the lights. People often believe that selling items or charging for something jeopardizes a nonprofit’s tax-free status. This is not … Read more
We’ve all been taught that the first Thanksgiving was celebrated by colonists who were grateful for their survival and the harvest. The more historically minded among us know that this story isn’t 100% accurate, and that the first colonists certainly weren’t eating pumpkin pie and stuffing. But still, once a year we gather around a … Read more
I don’t want to shock you, but even though we are now almost at 2020, and electronic banking, no cash stores, and ATMs are all part of everyday life, a lot of people out there are still writing checks. Some people write checks because that’s what they’re used to doing. Some people like to write … Read more
The cliché of the entitled millennial employee is more than a little worn out. I’m fortunate to have a birds-eye view of a lot of different companies and their employees and I know for a fact that millennials are just as capable and dedicated as their older coworkers. But, having managed employees in many different … Read more
Many business models rely on auto renewal contracts. Auto renewals provide a business with a reliable cash flow and they provide clients with reliable service. No one wants to come in on Monday morning to discover that the software they depend on is no longer available to them. However, auto renewals are also a frequent … Read more
The Kaplan Group is pleased to announce that Karli Study has won our 5th annual $1,000 Scholarship! Karli is in her third year of law school at Widener Commonwealth School of Law in Harrisburg, PA. Karli’s winning essay is reprinted below and was in response to the following prompt: SHOULD YOU SUE A CUSTOMER? Let’s … Read more
As a collection agent and a business owner, I spend a lot of time in negotiations. I’m fascinated by how negotiation tactics vary from situation to situation. I try to learn from negotiations outside of work and apply them to my work, and vice versa. Ask my kids, I’m very good at using active listening … Read more