Third, DO NOT ignore your receivables. I am astounded at the business owners who come to me with a receivable that is 90 days old that has not had ANY collection activity. If your receivable is 120 days old or greater there is a less than 50% chance that you will collect that receivable.
This brings me to my next point. You should tailor our approach to collections to the type of customer described above. The customer who is simply having cash flow problems needs a baby powder approach. Communication is key. Find out why they are having problems. Understand their business. Stay in touch. Work something out.
The second and third types need a little heavier approach. Again, be sure you communicate firmly with each one. And do not be afraid to use gun powder. With these folks, time is money. You are probably not the only creditor they are trying to avoid. Take quick decisive action. Call Hoch Law Firm, collections attorneys in DFW, to handle your collection matters.