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One of the most common challenges that affect business owners is that their customers owe them money. When you've done the work, but individuals are being slow to pay you, you can get behind with monthly bills and be short of money to invest in your company.

This is, understandably, an annoying situation -- you're getting chased for debts that other folks refuse to pay. There are, though, a few ways to enhance your customers' payment speed.

Give Invoices a Deadline.

Individuals will see your deadline and understand that you mean business -- they'll think "oh, I'd better handle this" and you'll get your payment sooner rather than later. When you don't, a follow-up telephone call saying "I wonder if you realized that your invoice's due date was yesterday.."' will typically do the trick.

In some locations, the practice of putting due dates on your invoices may even entitle you to charge interest on funds you are owed, or charge fees. Check your local laws.

You May Try Debt Factoring.

Some companies have success with a technique called 'debt factoring'. This is whenever you sell your invoices to a third party who focus on administration and collection, and they give you the funds for the invoice straightaway rather than you having to wait for the customer.

If you try this approach, though, you should think about the percentage of your invoices that the business is taking, and whether they're treating your customers the way you'd want them to be treated. It might be best to only sell invoices to debt factoring businesses when they haven't been paid by the payment date, letting them act more like a collections agency.

Collections Agencies.

Of course, your last resort would be to sell the debt to a collections agency. This may cost you around 10% of the debt. The collections agency will try to intimidate your customer into paying, ultimately taking them to court if needed, and they might attempt seizing the customer's assets.

Be Ready to Settle.

Sooner or later, you might end up getting owed money by a company that is in financial trouble -you're just one in a long list of creditors, as every little thing falls down around them.

In this situation, you have to be ready to settle with them for less than the original invoice price, or you risk getting nothing.

It truly is a bad scenario to be in, but it's better to give a person a break and get some money rather than pushing them further towards bankruptcy and receiving nothing.

Try corporate reorganization.

While you wait for your money, a business restructure plan must be in the works for you. Save your company by consulting a business professional on the positive aspects of companies restructuring.

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