Business is one of the those professions where no risk,no gain.The success of a business depends on many factors.Such as the time,season,whcih product public prefers,how people like to get the product or service,what should be the quantity of product,how should the businessman advertise his products and so on.A business owner needs to know all these business factors and method of using business tricks.Most of the business owners fail to understand that the running of their business is not solely determined by the effort they put into production, but also what their customers think of their products and services. This is what makes it important for a business owner to conduct research and surveys to counter the performance of his or her business.
Business is such kind of profession,here troubles can come anytime.Troubles hamper a business greatly,and if the trouble is not solved properly,business can be gone through at the stage of falling also.To avoid the troubles,taking business advice is very important.However serious the problem, it doesn't mean the world will end. Ask any successful entrepreneur if their biz (and life) was ever on the brink of financial disaster, and you're bound to hear "you bet!" In fact, most say those days/months of disaster became the catalyst for their later success.
To face trouble,you should deal with consultants.Many websites like Hudson Weir delivers advice for various business troubles like insolvency and so on.The trouble facing business owner can go through these sites.
f your business is suffering because people who owe you haven't paid, that's the first place to put your attention. You, like most business owners, probably hate to have to ask for the money you're owed, but considering the alternative, just dust off your pride and go to it (or get an employee, contractor, or collection agency to do it for you)
First, stop being such a nice guy. Just explain -- up front -- your company's collection policies and stick to it. Here are some tips you can start using today to stop future bleeding. (Remember it's YOUR money we're getting here; if clients won't pay, they aren't worth dealing)
1.Turn down clients who look like poor credit risks.
2.Require a full or partial upfront payment.
3.Ask for progress payments during the life of a long project.
4.Offer a small discount for early payment.
5Add an interest charge to late payments.
6.Stop work for non-paying clients
You can't afford to be patient. The sooner you start calling overdue accounts, the sooner you'll see your money, and the shorter the collection process will be. In fact, set the pace by calling accounts a few days
before the payment is due just to be sure they received the bill, don't have any questions, etc. and to ask if they'll be making the payment on schedule.
Don't wait more than 5 days after the payment is overdue to call. You don't have to be mean or demanding (yet), just inquiring about whether they have the bill and find out when they plan to pay.
Sit down every month and review all the bills owed you. Take some action on every past-due account. Mail a second invoice, with a notation or stamp that says "past due" or "second invoice." Follow up with a phone call.
If you still don't get your money, write a straightforward letter reminding the client the bill is overdue. Follow up with a phone call.
Still no payment? Send another letter, explaining that your policy is to turn over past-due accounts to a lawyer or a collection agency if payment is not sent by a certain date.
Hire a lawyer or collection agency.