When was the last time you “loaned” somebody money? Whether it was last week or last year, have you gotten the money back yet? (If you did, pretend you didn’t so that you don’t ruin my object lesson.) So you haven’t gotten the money back? I’m not surprised. You see, it’s not human nature to part with money…even when it’s not yours to begin with.
If you’ve ever read anything by Robert Kiosawki (Rich Dad, Poor Dad), you will quickly be cured
of any urge to lend people money. And the same reason you shouldn’t lend money is the same
reason small business owners struggle with their finances...because few consumers have any sense of financial responsibility. Most people would like to have everything, NOW, without working or paying for it. They’re getting more and more in debt, and less and less able to pay their bills.
And when it’s your small business that winds up unpaid, you’re forced to track down your customers in an attempt to get your money. Or at least part of it. In the meantime, hundreds of
dollars are being bypassed, because you have to stop growing your business to collect on late payments or bad checks. You start with phone calls, then letters, then, if you still want the money, you are forced to contact a collections agency (and in doing so, drum up additional fees).
Unpaid finances can take months to collect on. Months when you are struggling to keep your head above water. Months when you have a million other things you should be managing. Small business owners can get so caught up in being paid that they aren’t making any money at all.
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© 2008 By Clate Mask
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