How to Stop Wasting Time in Your Business

Businesses have had to run leaner in recent years - something that startups know all about. A lean business is one that maximizes value with its resources and minimizes waste. People, money, and time are the most valuable resources in organizations. Maximizing time saves money and encourages your workforce to feel as if they're giving their best to their jobs. Here's how your business can stop wasting time. The best way to reach a goal is to set it and aim for it. A clear vision or mission is

What's the Difference Between Accounts Receivable and Collections?

The process of collecting what's due from customers can go by several names. Accounts receivable, receivables, A/R, accounts receivable collections, debt collections, and more. Many of these terms are not interchangeable but actually define different levels or areas of the process of collecting payments. What's the difference between accounts receivable and collections? The best way to explain the difference is to examine the entire process of collecting client payments. Let's start by examin

Who's Buying? Knowing the Decision Makers For Your B2B Startup

You can't build your business or do effective marketing unless you know who you're selling to. These initial decisions will guide your sales and marketing team to be its most successful and scale your company faster. Do you know who's going to be buying your goods or services? Do you know the decision-makers for your B2B startup? Depending on your type of business, you may be selling to four different types of B2B buyers: Producers will include any company that purchases your services or good

Five Ways for Freelancers to Save Money

With the federal reserve raising interest rates for the first time in nearly 30 years, economists are expecting a slow down in business growth. They've been talking about a recession for a few years now but then we were hit with a pandemic that shook up everything from the supply chain to the location of the workforce. If you are growing a freelance business, you're likely concerned about what to do if your own business slows down. Is your business recession ready? Here are five ways for freela

How Your Business Can Support Gun Violence Victims

When tragedy happens in America, regular life grinds to a halt. For business marketers and executives, their daily tasks come with heavy consequences. Both internal employees and the public often jump to conclusions based on your business' reaction or lack of reaction. With the gun violence in recent weeks, many organizations are left wondering what to say or do. Here's how your business can support gun violence victims. If your marketing is scheduled for the week or month, take a look to dete

5 Green Flags That Reveal that Your Client Will Pay On Time

There are numerous red flags that could signal a late payment from your clients. Red flags, however, could be easily ignored. Green flags, on the other hand, provide a sense of safety and trust. The more green flags, the more you know that your business is working with the right clients - those who respect your time and value your partnership - and that you're doing A/R right. Here are five green flags that reveal your client will pay on time. If the sales department made the deal, the handoff

What to Expect When Reconnecting With Clients In Person

It can seem daunting to imagine reconnecting with clients after 2 years of a pandemic. Or perhaps you're thrilled and ready to get back to those in-person meetings. If you've been working remotely, it's time to try on those old business clothes and get on your client's calendar again. Here's what you can expect when reconnecting with clients in person. Virtual meetings from our kitchen tables accomplished the bare minimum - they kept us communicating with our clients. But nothing beats meeting

Self-Care for Entrepreneurs When Life Feels Overwhelming

As if starting and running a successful business isn't challenging enough, sometimes life throws curveballs. Whether it be illness, an accident, world events, or caring for family, entrepreneurs must prioritize their health and well-being. These practices can also be expanded to form a well-being program to include the employees who keep your growing business afloat. Your business and family depend on you. Here are mindful self-care practices for entrepreneurs when life feels overwhelming. By

The Influence of Black Entrepreneurs on America's Economy

To inspire entrepreneurship in a community that is least likely to receive startup funding, we've shared inspiring quotes from Black entrepreneurs who've had to overcome hardships to achieve success. Some key findings in the research for that article included a diversity report that found that only one percent of venture-backed founders were Black. The U.S. economy benefits from Black entrepreneurs and investing in more Black-owned businesses will reap rewards for all Americans. We're taking a

When Is The Best Time to Send A Client Invoice?

If you’re concerned about receiving timely payments, you might be interested to know that your clients have preferences about receiving your invoices. When you can meet their preferences to increase your cash flow, isn't it worth it? When is the best time to send your client an invoice? According to recent research by Square, there are “hot” and “cold” times that are better or worse for sending invoices to clients. If you’re sending invoices at the end of the month or the beginning of the mont

Growing Your Business During a Pandemic

While it's true that no one could have predicted the pandemic, entrepreneurs started 4 million new businesses in 2020. E-commerce and other online services saw a boom as brick-and-mortar businesses shut down. Then, just as it seems like the world would reopen, the Delta variant has business owners trying to decide what to do next. If you're wondering how to grow your business during this pandemic, keep going with these tips. Many new business owners started new ventures because they needed inc

Team USA: Why the United States is the Best Place to Start a Business

As if we needed another reason to cheer for Team USA, CEOWORLD Magazine's Entrepreneurship Index for 2021 ranks the United States as the world's most entrepreneurial country. With Forbes magazine noting that nearly all the American billionaires are self-made and a 13-year high in the number of Americans starting their own businesses, the pandemic seems to have inspired new entrepreneurs. Here are some reasons why the United States is the best place to start a new business. The Global Entrepren

Tips for Staying Cool 😎 Even When They Owe You Money 😡

One of the top stressors of Americans is their financial well-being. Take into account owning your own consulting business, starting a software company or freelance career, and that stress is exponential. It's one thing to lack personal financial literacy but when your business and livelihood are also at stake, the anxiety can leave you paralyzed. Now imagine that you have to contact a customer that's behind on payments. 😲 Before you pick up the phone or send that email, take a moment to revie

The Benefits of Creating Strong Client Relationships

As a B2B business that supports other B2B businesses, we understand the value of strong client relationships. Much like other relationships, the value can increase over time, offering financial benefits through referrals and upselling. If handled correctly, these relationships can also be mutually beneficial to both parties. Here's how to create strong client relationships and reap long-term benefits. How to Set up for Relationship Success We've often written that business relationships are s

How Long Can a Collection Agency Attempt to Collect Business Debts?

If your business has sent bad debt accounts off to a collections agency, you likely have questions about recovering that debt. Typically, commercial collections agencies only charge a fee if they're able to collect. The agency should also be transparent about the collections process and the documentation along the way. But you may also be wondering how long they'll work on your behalf before you take the case to court. How Long Can a Collection Agency Attempt to Collect Business Debts? When is

End of Year Accounts Receivable Best Practices

As if the month of December isn't blurry enough, your accounting department is working on year-end activities. Whether your business is a single-person shop or an enterprise corporation, the end of the year may also be the end of your fiscal year. Common activities during this time will provide insights into your business' financial situation including: It's time to take a closer look at some of these numbers to figure out exactly how well you're following up on those accounts receivable invoic

Time is Money: Quick Debt Collection Tips for Small Business and Startups

Small businesses and startups must think on their feet, and that includes getting their accounts receivables paid quickly. Business relationships are an integral part of the success and growth of these companies. Protecting these relationships should be a part of the collections process as well. When time is money, here are quick debt collection tips for small businesses and startup companies. Running a growing business may mean that you're wearing many hats. If you're not the dedicated accoun

Does Your B2B Debt Collections Company Offer Brand Protection?

In the age of social media and rapid-fire news stories, it's important for businesses to consider their brand reputation. If your accounting team outsources its bad debt or unpaid receivables to a collections agency, it's also important to protect your brand. Quite simply, a negative experience with a collections company could sour business relationships and your branding. At Enterprise Recovery, our priority is not only to build trust with our clients, but to also build trust with our clients'

10 Steps to a Successful Pivot of Business Strategy

The pandemic has highlighted businesses that chose to switch up their business strategy in order to remain profitable. Retailers have found new ways to sell to consumers, such as The Gap's highly successful pivot to selling masks, and many manufacturers are turning to a DTC (direct to consumer) model. Any crisis is a true test of agility for entrepreneurs and large enterprises alike, and the COVID crisis is definitely testing most companies around the globe. Here are 10 Steps to a Successful Pi

Time Management Techniques for Entrepreneurs and Remote Workers

We're all months into this pandemic and doing our best to work outside the office. Whether you're working on your own business at home or working for someone else, time management can be a challenge amidst distractions like children and chores. The "new normal" is to accomplish everything that you did before even... After some research, I've found a few time management techniques that actually work. Here are Time Management Techniques for Entrepreneurs and Remote Workers. That phrase sounds s
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