Collecting Debt

Being a boss and debt collecter

Borrowing money to start a business is normal, however improper managment may lead to debt. When I created my travel agency a couple of years ago, there was a lot of initial start-ups costs that were expected, however I didn’t properly manage cash flow and was contacted by a debt collector.

Manage payables

The problem was that I spent all my cash reserves too soon. I should have been making industry contacts and establishing a marketing campaign and paying my debt collection – this sort of stuff can come later. When Debt Collectors Brisbane contacted me, they were empathetic and listened to my situation. They were then able to use their expertise to come up with a strategy to help me pay back my debt.

Listen to experts

They taught me a lot about cash flow management and how to effectively manage both my payables and receivables and how to communicate with vendors in advance if you are expecting shortfalls. My business is based in Queensland, but they also have other branches on the east coast – Debt Collectors Sydney and Debt Collectors Melbourne – if you ever need an agency that looks after both parties to ensure a mutual beneficial arrangement that doesn’t ruin the business relationship.

Prioritise

I focused on creating a beautiful office and spent months working with my web designer to make a website better than all my competitors. There were also a lot of costs associated with getting the business licence, insurance, and council approval. Once it was time to start selling I had all of these invoices to pay yet I haven’t even started marketing.