Entrepreneurs are a special sort of people. They have the vision to create a new idea or build something on their own, and then they’re able to implement their dream with the right business formation services to make a business that is uniquely theirs. We think that exhibits a level of determination that most people just don’t exhibit.
But building a new venture is incredibly difficult. One of the problems entrepreneurs face is past due accounts receivables (A/R), necessitating small business debt collection. In the past, this has required partnering with a small business debt collection agency, which can be expensive and a hassle.
But there’s a new game in town for entrepreneurs. What if small business debt collection was in the form of an online self-service portal that made debt collection easy, all the work for one low fee?
Entrepreneurs and Small Business Debt Collection
According to the numbers posted by OnRec recently, it’s clear that, in the past few years, the volume of entrepreneurs has declined a bit in the U.S. but a recent Forbes article says there are some new trends that look positive for fledgling companies in the coming years:
- Venture capital has risen to $148 billion; the highest level in years.
- Patents may be slightly easier to achieve in the near future.
- Artificial intelligence is increasing and the volume of startups is looking at a market worth $13 trillion by 2025.
- Just as Philip Horton wrote about online jobs using which people can make additional money, entrepreneurs can also use this to freelance talent to get the job done, saving them big money in benefits.
While these are all great signs that entrepreneurs are going to rule the world in the coming years, it doesn’t matter how much investor money you receive – past due accounts always affect the bottom line. How can entrepreneurs protect themselves from these problems?
Steps to Avoid Small Business Debt Collection
There are steps you can take to try to head off bad contracts before they happen. We recommend the following:
- First, make sure your contract spells out all the expectations you have of the client relationship. While it may be tempting when you’re just getting started to do business with a handshake, resist the urge.
- Make paying easier than buying by offering an online option with PayPal, for example. Also offer credit card, ACH, or checks, and ensure that there’s no excuse for not using at least one of these methods for payment.
- If all else fails, follow up with friendly but firm emails and calls.
If you’re like most entrepreneurs, the idea of squeezing in small business debt collection to your already-busy schedule is a deal-breaker. That’s why Rocket Receivables embraced their own entrepreneurial framework to create an easy online system for collecting debt for you. We are not like any other small business debt collection agency in the market today. Our self-service digital portal is designed for the small business seeking help with past-due receivables. It’s a proven, guaranteed process that offers flexible payment options and guaranteed results.
If you’re an entrepreneur, we want you to keep your eyes on the prize and not be distracted by small business debt collection. Inevitably, the issue will come up. When it does, Rocket Receivables is here to keep you focused on building your dream. Click here to buy now.