Creditors' Rights 20
Q: What is a good way to
increase your chances of getting
paid what you're owed?
A:
One good way is to take a
look at the existing credit application
that your company requires
new customers to fill out. If your
existing credit application asks for
only one or two credit references,
you may want to increase it to four or five. If the company is a startup
or its creditworthiness is marginal, investigate the creditworthiness
of the principals or affiliated companies, with an eye toward
obtaining personal and/or cross corporate guaranties. The bottom
line is to establish a culture in your company that focuses on getting
paid rather than just closing the sale. It's much better to weed
out credit risks early in the process, when the relationship is new,
than to have trouble later on collecting what you're owed. To learn
more, register for our upcoming one-hour teleseminar, "Top Ten
Creditors' Rights Secrets Revealed! A Teleseminar That Will Change
the Way You Think about Getting Paid," to be held Tuesday, Sept.
12, 2006, at 2 p.m. eastern.
