Archive for November 11, 2013
Bad debt can be damaging. Whether it is large or small business debt, the mark on your credit history can cause bad credit that can take forever to erase. Obtaining a loan or getting help for your company can become impossible, and finding ways to recover will add to your difficulties. But you are not alone. Many companies face customers who do not pay and uncollectable debts and they often keep a reserve of cash because they expect that some creditors will not pay them the agreed amount. You can try to write this off as an expense, but that does not help. Ultimately, it stunts necessary cash flow that is vital to your company’s functioning.
Consider working on a debt settlement agreement with your debtors. Find out how much each debtor owes, how much it would cost you to lose this money, and if it