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The Differences Between A Commercial Collections Agency & Lawyer
If your letter writing and phone calls have all failed to resolve a debt issue, it is time to call in a professional - a commercial collection agency or a lawyer specializing in commercial debt collection. The most obvious choice to collect an unpaid debt is a commercial collection agency. Agencies come in all sizes; some are local, some specialize in handling certain kinds of commercial debts and others are national in scope. The cost varies, depending on the volume of business you bring to the table and the amount of debt that is to be collected. Plan on paying 25 to 30 percent of the amount collected, with some agencies demanding a 50-50 split. Some commercial collection agencies offer a flat fee service that can help sift out some of the easier commercial debt to collect before paying a high percentage. A commercial collection agency will take many of the same actions against the debtor that you have probably taken. Third-party commercial collectors are aided by specialized phone systems, computers and software designed to automate the process and make it more effective and cost-efficient in retrieving payment on delinquent accounts. A series of letters will be generated sternly warning of the consequences of ignoring repayment. Phone calls will be made to deliver the same message. There are also lawyers who specialize in commercial debt collection. They can be more effective than a collection agency, especially if the debt needs legal action immediately. An collections attorney may charge an hourly fee or collect at least one third of the amount recovered, or both. Attorneys usually charge a minimum fee or require the debt be of a minimum amount. Payment to the attorney will be in addition to any court-related fees and charges connected with a lawsuit, if you decide to pursue a judgment in court. If you are not willing to take your customers to court over a past-due account, then there's probably no reason to hire an attorney. Most companies refer debt to a commercial collection agency first and then turn to an attorney if the agency can't do the job. The price of a collecting a debt depends on the complexity and magnitude of the commercial collection. Often a debt can be collected with a few commercial collection letters from a commercial collection agency. Whether you choose to use a commercial collection agency or a lawyer to recover the money you are owed, be sure to ask for a client list before getting started. A decision to hire should not be based totally on price or percentage -- sometimes the promise of a higher fee can help motivate the collector to bring in more cash. Get free information and advice on commercial collections.
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Careers and Employment A Coachs Handbook For Sales Managers This article may be reprinted in its entirety with express written permission from Nicki Weiss. The reprint must include the section "About the Author". Is Your Forecast Too Sunny? How to Improve the Accuracy of Sales Forecasts As spring moves to summer, the forecast should be for warmer and sunnier weather. What is the forecast for your business? Is the outlook sunny or cloudy? Is Your Sales Trust Factor High Enough to Win Against the Competition? How high is your sales trust factor? Five Steps to Maximize Success in Targeting For Growth Targeting is the process of selecting high potential customer accounts to receive intense sales focus. Goal setting translates that high potential into achievable numeric objectives, i.e. revenue and margin growth. Keeping Your Sales Team Motivated Sales managers frequently approach me for advice on how to keep salespeople motivated, especially when sales reps get into a rut - and seem to keep slipping deeper into it. Telling managers what not to do usually solves the problem. Most managers do things to de-motivate salespeople without even knowing it. Rotten to the Core: The Story of How the Best and Brightest can be Ruined The objective of an incentive is to incite action within an organization using a device or mechanism that that allows the rewarding or recognition of behaviors. This can be accomplished by offering preferential treatment, money, privileges, promotions, verbal praise, or complements. With that states, I suggest the answers to the questions above are: Business Career, Executive Coaching Article - Perfection vs. Excellence "(Howard) Hughes never learned how to convert his knowledge to practical application. Instead he sought a perfection that assured failure." - From Empire: The Life, Legend and Madness of Howard Hughes by Donald L. Bartlett & James B. Steel Overcoming Sales Objections for Small Business Networks Do you need help overcoming sales objections? Do you sell computer networks, or other IT-related products and services to small businesses? This article provides tips and hints so you can be overcoming the most common sales objections heard when selling networks to small business prospects, customers, and clients. The Product or the Sale This is a quandary not unlike the chicken or the egg question, "Which comes first?". Do you focus on creating a superior product and continue to develop superior products or do you shift focus from the product to the sale prior to fully developing the line, or schedule of services? Franchise Sales; Recruiting of Laid Off Employees Because of corporate downsizing, many people have been laid-off or voluntarily taken early retirement packages and/or incentives. This happens when times are good due to mergers and acquisitions or when the economy is in the dumps and corporations are working to cut payroll costs. Almost all of these people have absolutely had it with corporate life; they feel burned and unappreciated. They realize that there is no such thing as job security. If a franchiser sales team gets the lead in time, they may still have good credit. If not, these laid off employees will have spent their savings on family crisis type emergencies and day-to-day living expenses. They will have either taken a job for less pay somewhere else out of necessity or be in a line of work totally foreign or unrewarding. Once this happens, they may no longer be in the market for a franchise. Sales Coaching... Fact or Fiction? The old adage in selling has always been, "Find out what they want, then, give it to them." The fundamentals of selling are clearly that elemental. The application thereof, however, continues to be the litmus test that quickly separates the skilled from the rest. The Spirit Of Change A Highly Conscious Approach To Business Management. For more on this topic please link to Innerwealth Web Site Project/Program Management Best Practices for Success in ANY Industry! Where is our success? Although there have been improvements, over 60% of projects/programs failed and many were canceled in 2003 (ref:The Standish Report CHAOS)! Our goal for 2004 and beyond is to contribute to a 60% and better, project/program success rate! STOP THE MADNESS-MANAGE AND CONTROL PROJECTS How To Build A Worldwide Distributor Network When your product is market ready and has a good bargain, it will be no value to you if you don't know who's going to buy it, or how you are going to tell the world about it. Your product will only sell if it has a good wide distribution network. The Four ?D?s of Sales Management Recently I stumbled across some notes that I had kept from a project I had been involved in which involved looking at manager behaviours. The aim of this project was to identify "preferred behaviours" in sales managers when they were working closely with their sales representatives. The outputs were interesting and helped my colleagues identify four main types of sales managers and the differences between effective and ineffective behaviours. Is Sales Process & CRM Stopping Sales? Standard metrics and KPI's (Key Performance Indicators) are created usually between The Sales Director, The Financial Director and The Managing Director. These KPI's tell the sales teams what they should be doing. For example, 'Your pipeline should be at least three times of your annual sales target'; 'Your conversion ratio of opportunities to closed orders should be 60%', and so on. Nothing like a bit of statistical analysis from the bean counters to motivate the sales team is there? Remember that old saying?'You can prove anything with statistics'. Here, we see it applied for real, albeit on an unconscious level. 3 Ways to Increase Your Sales Last week I got a call from Jose, who was looking for help improving his ads. He'd been running the same ad in four local papers for two months and only gotten one response. He was understandably frustrated. With more than a dozen very satisfied clients, he knows that the residential property management services he and his brother provide should interest more people, but he wasn't having any success getting attention or generating leads. Retail Operations - Effective Branch Manager Support and Guidance Performance and behaviour management is by far the most difficult aspect of any manager's job and the reluctance to 'grasp the nettle' when performance or behaviour issues emerge is certainly a concern in many organisations. But at the end of the day that is what managers are paid to do and not doing so will certainly affect service, team morale, sales and ultimately the bottom line. Sales Pipeline Forecasting Is There A Better Way? To put it mildly most companies sales forecasting just isn't delivering, a staggering 90% of the deals do not close as forecasted even when the close probability is 75% or over. Even more astonishing is that 54% of forecasted deals are lost to competitors or to a no decision. Increasing Business Through Distributors You're a small company with a good product. You are confident that the product can sell, but you don't have the financial resources to hire a team of fifty salespeople to market and sell the product for you. You also don't have the staff resources to support those that purchase the product. How do you make your good idea and good product create success for you?
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