The Key to Collecting Payments

My dad owns a home-repair business, and for the most part, capital is always flowing—but only when customers pay up. Although he has the talent to build a house from the ground up, when it comes to collecting outstanding revenue, my father, like many small-business owners, has no idea how to go about getting paid.

Most small companies don’t have the girth to stay afloat when outstanding bills start adding up, and sometimes that means small-business owners have to be the bad guy. Whether that means turning away businesses with bad reputations, calling a collection agency or pushing your sales team to collect their clients’ debt, you have to do what it takes for your company to survive. Check out Simona Covel’s Wall Street Journal article for tips on hauling in customer debt.