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Reported vs Unreported Data

Uncovering the difference between the unreported information and the reported information from the Bureaus may be a bit unbelievable, so let’s just get straight to it.It is a fact that ONLY  4.1% of businesses today report to the bureaus. Think about that for second...That means 95.9% of data is never reported to the bureaus.You may ask what the reported data means and here's your answer: This is the side where an item gets reported to the bureaus like:
  • Banks
  • Business Loans
  • Consumer Loans
  • Credit Cards
  • Mortgages
  • NSF Checks
When you look at these reported items are you really are getting the entire picture of the potential... Continue Reading

According to some IT Companies it’s YOUR Fault.

IT companiesDid you know IT Companies use tactics avoid legal action and skip out on work? Whether you’re a business owner, marketing manager, or simply a trade professional trying to make a mark in the digital world… We have all worked with bad IT companies.   To make matters worse, taking the issue to an attorney means that you can’t talk about what happens behind closed doors. Just because an IT company happens to be local there is no guarantee they will be able to complete your project in timely manner. DO YOUR RESEARCH and find out who you are going to do business with BEFORE engaging in business with them.  Otherwise, you may find yourself with zero legal options and a lot of lost money!

If any of these tactics sound familiar, it’s time to consider... Continue Reading

Is This Really the Case You Will Never Forget?

IS THIS REALLY THE CASE -YOU WILL NEVER FORGET?    

General contractors, subcontractors, and independent contractors alike have faced (or will face) a person who refuses to pay their bill.  It could very well be from one of the positions listed above.I’ve been called out to look at and asked for help on projects for all sorts of contractors.I have never met these contractors before in my life.  I don’t know anything about these contractors.  Ask yourself: Why did they call?  Who were they using before?I almost always receive the same answers: They didn’t show up.  They didn’t do quality work.This could be case… but is this really the reason? Would the contractor tell you the company’s name and information so you could check out their references? The answer to that is not only a big NO, but HELL NO!The... Continue Reading

Uncommon Thief……WHO are they?

Many businesses perform background checks on people before they get a job.Why?Businesses want to know everything about the potential new person. They want to know if that person is going to be a risk factor to the business.Would you accept someone that would be a high risk or possibly even take something from you?Of course not!What about potential customers?Could your potential customers be classified as a so-called “uncommon thief”?Let’s first define what the definition of a thief is.“The definition of a thief is a person who takes something without permission or without the owner knowing.”  Some things that come to my mind of a thief are; burglars, robbers, shoplifters, pickpockets, embezzler, etc. You get the picture.In our busy everyday life, do you have time to know exactly who these types of people are just by looking at them?We typically stereotype people of who we think could be... Continue Reading

Building Customer Relationships

When it comes to avoiding potential disagreements, late payments and problems in your business, superior customer service and establishing trustworthy customer relationships are critical. If a discrepancy does happen to arise, a strong relationship with effective communication can eliminate time consuming disagreements and save your company time and money.Keep in mind that building trust with your customers has changed greatly over the last decade. With the rise of social media, 24-hour a day communication with mobile devices and new technology, customers can see, hear and complain in a variety of ways at the click of a button. Social media allows your customers to not only see your brand, but see you and your staff at a very personal level. These new communication channels have made customer relationships more dynamic and at times more complex.Here are several keys to establishing strong, trustworthy, effective relationships that can withstand even the ugliest... Continue Reading

Keeping One Step Ahead of Bad Customers

I’m going to start this story with a typical small business scenario. The hero of our story is Gus the plumber who services your average metropolitan area and has been in business for five years.Gus has five employees that include two master plumbers, two plumber’s helpers and one secretary. He is constantly upgrading certifications, equipment and tools so he can continue to offer the best service possible.Using the equity in his home, Gus was able to secure a line of credit through his bank to keep his business operating during lean times.The bottom line: Gus is doing what he needs to do to have a thriving business.This is a common story for small businesses. Unfortunately bad customers can threaten the very existence of Gus’s Plumbing and thousands of others. Having the “bad customer” as part of the equation means cash flow becomes a major issue causing grief and frustration.I... Continue Reading

Statistics on Business Debt

Some forms of debt are mutually beneficial, such as reasonable mortgages for responsible homeowners. But bad debt is far more common in the United States, plaguing both consumers and businesses who are trying to keep a positive cash flow. The total consumer debt in the United States is more than $2.4 trillion, with 88 million lines of credit having been closed between 2008 and 2011. This debt plight in the United States is affecting businesses everywhere, complicating bad debt recovery and leaving businesses unpaid for quality work.Why Businesses MatterSmall businesses are often faced with bad debt recovery, seeking do it yourself debt settlement solutions or just abandoning the cash influx altogether. Larger corporations are usually better able to avoid bad customers or absorb any money lost to unpaid bills, but small businesses are more susceptible to the impact of consumer debt.Bad debt affects the business directly, but also affects... Continue Reading

5 Tips for Businesses in Financial Trouble

Almost all businesses go through tough financial times sooner or later, and these five tips can help you get through them. To an ambitious business owner, hitting a financial wall can feel devastating. But most savvy entrepreneurs understand that a bump in the road doesn’t necessarily indicate a failure or a long-term disadvantage. If you’re dealing with heaps of bad debt, or if your debt settlement solutions are proving ineffective, you could find yourself in a hard, but temporary, rough patch. Follow these tips to get through it: 
  1. Strictly manage your cash flow. When you’re experiencing tough financial times, your cash flow is your most important resource. Do everything you can to keep your cash flow positive, including making regular bill collections and delaying payments on what you owe for as long as possible without penalty.
  2. Examine your debt structure. Look at your short-term debts and your long-term debts and analyze your... Continue Reading

3 Key Strategies to Maintaining Positive Cash Flow

Your business should run smoothly in all areas to be successful, but it’s most important to be financially stable, including having a positive cash flow.  Those seeking debt settlement solutions or do it yourself debt settlement would benefit from ways to maintain a positive cash flow. These strategies can also help your business to recover from a bad debt, while implementing new methods that will continue to help the business grow. Consider the following strategies for your small business: 
  1. Use sales forecasting. It can be difficult to create and use sales forecasting at first, but after a few months you’ll see how sales compare from month to month. For instance, a retail shop owner should track their inventory to see which items move off the shelves quickly and which ones collect dust. Sales forecasting creates a benchmark with which you can compare the business. The more detailed sales forecast the... Continue Reading

How to Avoid Bad Debt in 4 Steps

Bad debt is a business killer; if you don’t have the proper systems and precautions in place, your bad debt could potentially ruin your chances of finding entrepreneurial success. The good news is, bad debt recovery and debt settlement solutions exist to help business owners prevent such an end, and if you think proactively enough you can avoid the situation to begin with.Do it yourself debt settlement exists to help business owners take care of their bad debt positions before they begin to compromise the integrity of the company, and without needing to contact legal or financial experts to do it. As part of Know Your Customers’s commitment to improving the quality of resources available to business owners, we present these four steps to avoiding bad debt:
  1. Treat New Customers Cautiously. Use Know Your Customers’s online research tool to research your potential new customers before you bring them on board.... Continue Reading