Bad Debt Recovery is something that each and every business wants and deals with. No matter what industry you’re in, somehow you’ll come across the slow paying or non-paying clients. The difference between success and failure in the cases like this lies in how prepared and proactive you are. Below are some tips which can help you in bad debt collection and bad debt recovery,
1. If you have the following question like this in your mind,
“How do we make them pay?”
“How do we stop this from happening again?”
“At what point do we call you? How many days overdue does the debt have to be?”
And they almost always finish with the following forlorn statements:
“There is no hope. The system supports the debtors.”
“I can’t afford to do anything about it.”
“I don’t want to use a debt collector as I don’t want to ruin our industry reputation.”
The simple fact is that dealing with bad debt is not an impossible or hopeless thing. Yes, you may suffer from some losses in business but remember it is not the end! You must get yourself in the right mindset and believe that there are things you can do to recover that loss. With a positive mindset, you can take back control of your business and formulate better plans of action.
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