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4 Things Debt Collectors Know That You Don’t

Umar Nisar

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4 Things Debt Collectors Know That You Don’t

By Dean Kaplan, CEO and President, The Kaplan Group

Cash flow is more important than ever. In the middle of a pandemic, very few businesses can afford to have clients owe them money. This means many businesses that used to be more laid back about collecting from late-paying clients are getting serious. As a commercial debt collector, there are things I know about the debt collection process that may surprise you.

1.Nice gets results.

There’s a stereotype of debt collectors as angry and threatening. But most successful debt collectors know that to be effective, you have to listen to people and form a relationship. Your approach to collecting from a client is highly dependent on the reason they haven’t paid. Without listening, you don’t know if a debt isn’t paid because the client is temporarily in trouble, about to go out of business, just disorganized or has a dispute. The more you can get people to talk, the more information they’ll reveal. It’s possible that the debtor will become upset or embarrassed during the conversation. But, the collector must stay calm and reasonable.

2. Debt collection starts before you sign the contract.

Having a solid credit application and laying out terms on all your contracts can make a huge difference in your debt collection. Your credit application should include complete contact information and layout any payment terms, including interest and late fees. Interest and late fees often provide good negotiation points for collection agents. I have frequently offered to waive late fees in exchange for prompt and complete payment.


Make sure that the terms on your contracts and invoices match the terms on your credit application. A reputable collection agent will want to see complete documentation of the agreement and debt. Although I try to avoid going to court, I will not accept a case if I don’t think it can be proved in court.

3. You should avoid going to court, and threatening to do so.

Speaking of court, although many people pay on debt because they’re afraid of legal action, you want to try to avoid it whenever possible. The contingency rate (the amount you pay the collector) is higher if you have to sue and the process is prolonged. This is especially true now when courts are backed up due to the pandemic. A default judgment might get issued within six months, but trial dates are now being set 18 or more months from the filing date. By that time, the customer could be out of business. Once you win a judgment in court, the money still has to be collected, which can take years in some situations. You should never threaten to take a client to court. Once you issue that threat, you have to follow through. If you threaten to sue and then hire a collection agency instead, you’ve made their job harder. Likewise, you should not threaten people via social media. Doing so can backfire and expose you to legal action.

4. Prompt debt collection can save business relationships (and time and money).

When a client owes you money, your first step should be to cease doing work or selling products to them. Unfortunately, this means your client will need to find another vendor. If you spend months or years trying to collect from them, that just gives them more time to build a relationship with another vendor. By sending the invoice to a collection agent promptly, you shorten the amount of time before you can begin working with the client again. Hiring a collection agency on a contingency basis can also save you time and money. Your staff can be focused on their regular tasks and reputable agencies have tactics for increasing pressure to get money flowing faster.

As this new year begins, you’ll want to make sure that all of your accounts are in order. Thinking about debt collection both now and in the future can keep your cash flow steady.

The Kaplan Group, a commercial collection agency specializing in large claims and international transactions. He has 35 years of manufacturing, international business leadership and customer service experience. Today, he provides business planning, training and consultation to a variety of global companies.

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BUSINESS

How to Buy a New Home in 2021

Umar Nisar

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How to Buy a New Home in 2021

If you are one of the many people who have purchased a piece of real estate recently then you know just how hard it can be when trying to find the next home. Today, it is easier than ever before to own real estate without going through the traditional red tape. Thanks to the Internet, you can easily look up information about properties without ever leaving your office or home.

Thanks to the Internet, there are so many websites such as Athesma that will show you pictures and information about properties right from the comfort of your home. If you want to know how to buy a new home in 2021, then there are many websites on the Internet that are dedicated to showing you the different properties that are for sale. They will show you everything from the houses that are for sale to the prices. In order to get a good idea of what you want to buy, the first thing you need to do is to look up real estate by city and state.

You want to narrow your search down to something like real estate by city and state. This will help you feel a little bit more comfortable with what you are looking at. You will be able to see a smaller version of the properties that are on display to you. By narrowing it down this way you will be able to see the houses that catch your eye the most. You can even see what neighborhoods they are in.

When looking up a property by city and state, you want to make sure that you are not overlooking any properties. It can be very hard to notice some of the homes when you are looking through so many properties. You also want to make sure that you are not overlooking properties because you do not want to miss out on the perfect house that is right for you. There are many websites that will help you to compare the properties that are for sale in your town. Once you have compared all of the properties, then you will know what you have been looking at and what you want to purchase.

A great tip for you to follow when you are learning how to buy a new home inenders is to go over the listing thoroughly. Look over everything from the description that is written on the property to the number of bedrooms and bathrooms that are listed. You need to look for the things that you like in a home. If there are things that you do not like about the property then you can eliminate it from your list. When you have looked through all of the listed properties, then you will be able to choose which property you are going to buy. You can call the agent that is listed or you can look at the property online to make the decision easier.

The Internet can be your friend when you are learning how to buy a new home in 2021. There are many websites that you can look at to get more information about certain areas or the city that you are living in. Take the time to see what the people who own the property have to say about the home. You may not find anything that surprises you but you may find something that can help you decide if a home is right for you.

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Zohaib Malik is a verified Business & Life Coach who specializes in people management, emotional intelligence & motivation.

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Zohaib Malik

Zohaib Malik has over 15 years’ experience working with renowned brands in Dubai . He has been managing teams comprising of people from over 20 different nationalities and managing over 500,000 customers for different businesses.

Zohaib specializes in helping employees remain motivated , diplomatic & energetic at work . He uses techniques and steps that increase engagement at work and helps employees vision a clear career path eventually resulting in growth & promotions .

Zohaib also helps people deal with difficult and complicated bosses/managers with the end goal being able to cultivate healthy relationships at work . He frequently conducts on-demand 1-1 sessions where he coaches young managers to become emotionally more intelligent using Empathy and humility to gain optimum results from their teams . 

Zohaib believes in sticking to basics by bringing the ‘human touch’ in coaching & motivation and not complicating things for his listeners . He highly recommends 1-1 sessions and helps team-leads/managers structure them in a systematic way to gain maximum profitability during negotiations & performance management of team members .

Zohaib’s enjoying a tremendous growth in his social media presence over the last 8-9 months with over 65,000 views of his YouTube Channel and almost 5,000 followers on LinkedIn .

You can subscribe to his YouTube Channel on https://www.youtube.com/channel/UCXfNxpZx5lVcLht4HUl1kXg or connect with him on LinkedIn at https://www.linkedin.com/in/zohaib-malik-17871b61/ .

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5 Reasons to Embrace Digital Marketing

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5 Reasons to Embrace Digital Marketing

The spread of Covid-19 general has wreaked havoc complete revolve around us. Overall, businesses and lives have undergone a batch, and we static look to be inner a tunnel with a feeling to realize the light shortly. Different companies have been a force to their limits, and they are affected to re-strategize and re-manufacture themselves. The invention has turn the key to their aliveness.

While the brand-new age businesses already had the border of being extremity progressive, their dependency on digital selling grew even advance. On the other side, the companies that believe more informal forms of marketing like the in-individual case, trade shows, and shows, etc., all of a sudden recovered themselves in troubled waters. Hence, there has been a pushing want for the institution to go for digital alteration to arrest competing and prevent extinction.

Here we following five reasons for businesses to embrace digital marketing earlier.

1:Visibility and Competitive Border
With the increasing penetration of the net, it is progressively acquiring individuals to go online to start their investigation for goods and services. They usually found your products and services through electronic-mails, Investigation engines, societal media channels, websites, etc. The more you search online, the more business chances it can create. No occurrence, digitally good companies are doing much business. Hence, funding in digital marketing can provide you that competing edge.

2:Presentation analysis and building scheme in according to with that
You have started to apply digital marketing schemes, and you can guardian your campaigns’ presentation with an analytical instrument like Google Analytic, FB Analytic, and Instagram Display, etc. For example, Google analytics can service you to keep a course of essential metrics such as the number of travelers, bound rates, and time gone on your site’s various pages. It service you collecting info on what is functioning and what is not. Furthermore, you can create your upcoming scheme settled on these insights.

3:Marketing budget improvement
Last year was dreaming for business concern in tourism, hospitality, circumstance, and traveling, etc. Other business concerns that base hard on conventional kinds of marketing undergo a batch due to the lockdown regulation. However, there has been sufficient content for switching to digital service them arrest afloat in the new average. Even though the marketing program took an effort, few businesses were all-knowing sufficient to direct what was accessible towards digital selling. It became an eye-opener for some of them as they recovered a new approach for lead genesis. It has given the businesses an imagination to modify their marketing budget plan to make the excellent utilization of both conventional kinds of marketing and integer marketing.

4:Empowerment of employees
With many and more businesses choosing a unified marketing scheme, workers feel empowered due to digital instruments change them to fulfill their jobs quicker and with magnified transparency. Since this is an ever-acquire field, education and improvement are vital facets of this occupation. These modify to advanced business activity that changes workers to advise selection quicker.

5: Enhanced Revenue
With multiple digital marketing transmission at your power and their productive utilization, you can gain your arrangement revenue at a quicker range. 81.7% answered in a sight conduit by Grin united that digital marketing enhanced their financial operation. This is strict because of a data-driven marketing model with advanced idea and scheme which service organizations to extent new markets while responsibility the existent needs evenly involved.

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