Joining Business Clubs America has proven to be a great decision for American Executive Centers, opening up doors that have provided new and exciting opportunities to form valuable relationships and conduct business with many of the leaders in our local business community. One person in particular I have been lucky enough to meet through BCA is Bob Leib, with Leib Solutions. LEIB Solutions is one of the nation's leading commercial collections agencies with more than 25 years of experience in Accounts Receivable Management (ARM), domestically and internationally.
Bob's exceptional knowledge and experience in accounts receivable management has greatly helped me to leverage our own best practices for improving cash flow. As many of us in business know, bad debt undoubtedly directly impacts your bottom line, so it's imperative that you make sure your business gets paid. According to Bob, "If you have receivables running over 45-60 days delinquent you need to implement a plan to proactively collect your receivables." Below are some quick tips Bob and his team at Leib Solutions recommends. "Keep in mind," adds Bob, "our Front End Tips will help avoid problems...and if you already have problems, we recommend considering our Back End Tips.
Front-End Tips - Front End is defines as 0-60 days delinquency period.
- Recognize Warning Signs - Decrease in your customer's staff, Decrease in your customers' office space or locations, Downgrades in their credit ratings.
- Offer Discounts for Fast Payment - 1%-3% discounts on your invoices if paid within the first 15 days of receipt of the product or materials.
- Work With Your Customers - Remember, collecting your receivables is very personal to you - so remember to be respectful, honest and proactive with your customers.
Back End Tips - Back End is defined as over 60 days delinquency period.
- Vendor Partnership - Have partnerships in place with CCAA Certified Collection Agency. Don't work with non-certified agencies!
- Move Quickly - Don't wait until day 160 to refer a matter to your collections partner - The longer you wait to pursue your outstanding invoices, the less of a chance you have in collecting your receivable.
If you learn that you have customers already over 45-60 days delinquent and they are refusing to pay your invoices, ACT NOW!
If you would like to learn more about ways to improve your cash flow, Bob and his team at Leib Solutions have partnered with American Executive Centers and, like some of our other BCA partners, will be hosting a "Lunch and Learn" series. As added value they will be discounting their services to American Executive Centers clients. They have made the offer to provide an 18% flat and contingent fee for service for any of American Executive Centers' clients.
Contacts:
Robert Leib - rleib@leibsolutions.com
Bob Short - bshort@leibsolutions.com
Bryan E. Leib - bleib@leibsolutions.com
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Robert Leib Bryan Leib