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Article Title:
==============
Why a Collection Agency Is Your Small Business’s Best Friend--Really

Article Description:
====================
While no one wants to hire a collection agency, it’s a sad
reality of doing business that not every customer feels the need
to pay, or has the ability to pay all at once. If you want to
stay in business, you’ll need to collect that money.


Additional Article Information:
===============================
410 Words; formatted to 65 Characters per Line
Distribution Date and Time: Wed May 4 03:13:06 EDT 2005

Written By: Steve Austin
Copyright: 2005
Contact Email: mailto:steve.austin@...

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Why a Collection Agency Is Your Small Business’s Best Friend--Really
Copyright © 2005 Steve Austin
Collection Agency Information
http://www.collection-agency-information.com/



Does the term “collection agency” put you on edge? If you’re like
many small business owners, the mountain of debt you accumulated
during startup might have been enough to make you worry about
collection agencies every time you answered the phone. But your
feelings toward collection agencies are eventually going to
change, if they haven’t already.

While no one wants to hire a collection agency, it’s a sad
reality of doing business that not every customer feels the need
to pay, or has the ability to pay all at once. If you want to
stay in business, you’ll need to collect that money. When your
most polite and not-so-polite reminders to pay have failed,
you’ll need to start getting serious, which means going to an
agency.


Small Business Collection Agency Services: More Benefits than
Costs

Small business collection agency services will certainly cost
more than just writing letters demanding your money back. But the
amount of money you’ll collect, not to mention the time you’ll
save, will more than pay it back. In fact, when you consider the
hourly rate of your employees, or you yourself, collection
agencies’ fees really can be quite a bargain.

Let’s say you have an assistant your business pays $10/hour,
effectively costing your business $15/hour once you count in
employment taxes, benefits, and the overhead of your office. You
would be lucky if that assistant spent just five hours total on
each debt, and managed to collect half of them. But you would
have sunk $150 into each successful collection. Plus, there’s the
opportunity cost: $150 worth of time you haven’t spent in growing
your business. So the net loss is $300, and probably more if
you’re a profitable business that gets a good return on your
people’s time.

But if you refer your delinquent debts to a collection agency
for $75 each, and they collect three-quarters of them, you’ve
invested only $100 per debt collected. Once you factor in all the
money from all the debts the agency collected for you that you
couldn’t have collected on your own, the return on investment is
huge. That’s not even counting the saved opportunity cost, or
all the stress you’ll save yourself and your associates.

In the end, your small business has to focus on doing what brings
in the money: your core business. Leave your taxes to your
accountant, your office repairs to your building manager, and
your collections to your small business collection agency.



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Steve Austin is a regular contributor to Collection Agency
Information (http://www.collection-agency-information.com),
a website with articles on choosing a <a
href="http://www.collection-agency-information.com/">small business collection
agency</a>, along with reviews of agencies, with links to their
websites.


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