The National Minority Business Council (NMBC) hosted their Executive Management Program on June 6, 2017. I was honored to have been invited to speak about debt collection.
The participants and their businesses were in different life cycles and industries. What they had in common was an eagerness to grow their businesses. You could feel the excitement in the air.
Rather than lecture the group, we ran the program as a round-table. Each participant took a turn, describing what was most challenging in their business, day to day operations in the company, questioning what could be done to better protect themselves.
Through our discussions, we found that the group and other executives are concerned about:
1) Understanding their rights and remedies to get paid before moving ahead with a transaction. Specifically, the cost, process and procedure.
2) Properly framing a deal in advance so that in the event of non-payment, the business can collect with the least financial exposure, in the quickest manner, to insure maximum recovery.
3) Must have carefully drafted terms and conditions to protect their interests in any transaction.
4) Understanding their client’s pay cycle and comply with the billing requirements in order to get paid timely.
5) Understanding the risks involved in doing business with the customer. Doing due diligence on their prospect before closing a deal.
6) The importance of a customer’s past performance as a future indicator of future performance as it relates to payment.
7) The importance of focusing on fresh receivables as opposed to aged receivables to maximize recovery.
We covered the above and more. Thank you for inviting me to speak at the NMBC Executive Management Program and for the NMBC 2009 Dena Coye Award for Entrepreneur of the Year 2009.
Do you have a question about getting paid? Would you like to run a program for your executives or staff? Please contact firstname.lastname@example.org
Comments from participants:
Thank you for your time and your presentation. Be assured the students loved it and if time allowed, you would have presented for at least another hour.
All the best and I will be in touch”
– Jane Gios
Excellent presentation. I was riveted! ….”