Tag: client

Collecting Debts Owed to Your Small Business

Posted by Winflow – June 15, 2011

Sooner or later, your business is bound to run into a client or customer that won’t pay you the money they owe your business. Don’t fret! This is a normal occurence in small business. Even if you have done credit checks and called references, sometimes a client will just leave you high and dry. Luckily, in this age of legal action, there are a number of things you can do to collect on your debts.

  • Talk to your client. Find out why they haven’t been paying you the money they owe you. If it is for legitimate financial difficulties, perhaps you can work out a payment plan with the client. If you do, be sure it is legally binding.
  • Don’t make it personal. Yes it’s frustrating not get your money on time but there is no sense in overreacting. Be professional and never leave multiple messages in a day or harass the debtor.
  • Pursue your options in small claims court. This is a good option if there is no hope of you getting your money without a court order. Filing fees are modest and you can represent yourself.
  • Consider mediation or arbitration if you are looking for quicker results. Going through the justice system can take some time so consider hiring a third-party to sit down with you and the debtor and come up with a settlement.
  • As a last resort, call a collection agency. The collection agency will get a portion of the money owed to you so if you’re looking for the full amount this may not be your best option.

For your business needs, contact the Winflow Financial Group at 1.800.956.6897.

Getting Referrals for your Small Business

Posted by Winflow – June 14, 2011

Referrals are one of the best ways to grow your business and increase your sales. It also happens to be one of the cheapest marketing methods. Referral marketing involves asking other businesses within your industry for referrals. If a company cannot provide a service to a customer, they will refer the customer to you. This is an excellent practice because customers have already established trust with the initial business so they are more likely to accept a referral to a new company. Some tips for receiving referrals include:

  • Connect with businesses that have similar clients to you or operate within the same field of business. They are the most likely to have clients that are interested in your services.
  • Ask current clients if they know anyone who may benefit from your services. Happy customers are the best form of marketing because they are unbiased and the advertising is free!
  • Come up with incentives for referrals. For example, for each referral a company makes to your business, cut them in on a little of the profits.

To learn more about expanding your business through referrals, read this Microsoft small business article.

For your small business needs contact the Winflow Financial Group. Our consultants can provide you with personalized advice for your business.