- Hardcover: 204 pages
- Publisher: Wiley; 1 edition (May 3, 2011)
- Language: English
- ISBN-10: 1118011619
- ISBN-13: 978-1118011614
- Product Dimensions: 6.3 x 1 x 9.1 inches
- Shipping Weight: 15.2 ounces (View shipping rates and policies)
- Average Customer Review: 9 customer reviews
- Amazon Best Sellers Rank: #1,375,872 in Books (See Top 100 in Books)
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The Guide to Getting Paid: Weed Out Bad Paying Customers, Collect on Past Due Balances, and Avoid Bad Debt Hardcover – May 3, 2011
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From the Inside Flap
When the economy took a nosedive in recent years, businesses in every industrysuddenly had to make more collection calls than ever before. If those businesses didn't have an effective credit policy inplace, they found themselves scrambling.Many fell behind on their own bills, and bad debt rippled through the economy. If only everyone had read this book, where might we be now?
What many business owners fail to realize is that credit management IS your business. A good credit policy will help you make more sales, increase cash flow, and make a profit. The Guide to Getting Paid teaches you how to manage your business credit and accounts payable and receivable in an efficient and effective way. With sample letters and forms, you'll get detailed advice on how to create a simple credit policy that is tough but flexible, has specific action guidelines, and gets enforced consistently. Avoid the common mistakes people make, such as not checking credit, not getting any signed paperwork, or being unfamiliar with laws. The Guide to Getting Paid delivers step-by-step guidance on how to:
Check and issue credit, determine credit risk, and limit that risk
Outline policies and procedures that will help provide your customers with options when they cannot pay in full
Use email and social media in collections
Legally collect money from slow or non-paying customers and enlist third party collection services
Deal with customers who make deductions on their payments
Improve your phone delivery, and conduct compassionate, rather than angry and aggressive, debt collection calls
A simple and effective credit policy will save you time, money, and headaches. Make sure your business is on top of the credit game, and get paid today!
From the Back Cover
PRAISE FOR THE GUIDE TO GETTING PAID
In the credit and collections world, Michelle Dunn is one of the best at helping businesses limit their losses. The advice and strategies in this book provide an excellent framework for establishing sound credit policy and effective collection practices. Anyone who extends credit needs to invest the time to read this book to save time, frustration, and, well, money!" Gary Jensen, Editor, collector mentor
Michelle Dunn continues to impress me with the most comprehensive information for people interested in debt collection. Michelle is one of the few very knowledgeable experts in debt collection information and procedures." Robert Pinchuck, President, Columbia Financial International, Inc.
Not only does Michelle give great tips on the tried and true collection letters and telephone calls, but ventures into today's collection strategies of email and social media. It's well worth your investment for those chapters alone!" Tim Paulsen, author of Paid in Full
If there's one book that any business wanting a positive cash flow needs, it's Michelle Dunn's The Guide to Getting Paid. Comprehensive and specific, you learn what to do, when to do it, and what to avoid." Paul and Sarah Edwards, coauthors of The Working from Home Encyclopedia
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By Robert G Lasher
Collecting money, especially from people with serious financial difficulties, is a skilled and complex art form. It is a practiced, disciplined set of communications and negotiating skills requiring a backbone of steel, helped by an empathetic heart. A creative thinking, results oriented problem solver who does not mind thinking "outside the box" can turn what seems like an irresolvable mess into a workable, profitable solution.
As big banks and auto companies get bailed out, and people across the country walk away from under water mortgages without apparent consequences, as whole countries, including the USA, toy with the idea of defaulting on their financial obligations, the risk of extending credit anywhere, under any terms is becoming higher and higher. If you own a business, large or small, and you offer credit to promote increased sales, you need to be out front on this. The survival of your business depends on it.
One way to get out front would be to read Michelle Dunn's new book, The Guide to Getting Paid, and do what she says to do.
As Michelle points out, most people do not borrow money with the intent to default (though some do), but in our world, things happen: People lose their jobs; people get sick; people get divorced; people borrow too much; people spend money on lots of stuff they don't need.
There are lots of good reasons to read The Guide to Getting Paid by Michelle Dunn:
* It will tell you how and why to create your own written credit policy.
* It will tell you how to create an easy to use, written credit application that, used effectively and consistently, can increase your likelihood of getting paid.
* It will give you direct immediately usable advice on how to optimize collections of your accounts receivable.
* It will give you a fairly good summary of the Fair Debt Collections Practices Act, when it applies and when it does not.
* It will tell you what to say and do to handle those particularly difficult accounts.
* It will tell you how to hire a collection agency, when this is really appropriate, and give you strategies for making the most of this opportunity. It also tells you what documentation you must have to maximize the agency's effectiveness (yours too).
All of these benefits are great, but for me, the best part of the book is when Michelle shares a bit of her personal story, how as a single mother of small children, recently divorced from an abusive marriage, with significant personal credit issues of her own starts a business: a collection agency, and persistently but politely, skillfully turns her difficult circumstances into a profitable, thriving business. She tells in fairly explicit detail what she did to work her own way out of a pretty challenging situation. It is one of those stories that she did not really have to tell, but it's an "I've walked a mile in your shoes story" that makes the whole book all the more meaningful. It will give you part of the courage you might need to keep at it when everyone else (and even your own heart, perhaps) is telling you to quit.
It is difficult to be critical of a book one genuinely likes, but here goes: As I read this book, I thought "There are two Michelle Dunns." One writes passionately about her direct personal experience in a compelling and very readable way. The other somewhat awkwardly gets the legal and technical stuff in there. These details are very important. You would ignore them at significant peril. But, there must be a way to make this a little less dry.
Also, Michelle could benefit from a very scrupulous editor. I went through my copy and highlighted every unnecessary word. I changed every "utilize" to "use"; and other such picky editorial details. The book may have been written with the idea that people might pick it up and start reading it at various entry points based on their specific needs at the time. That said, there is a substantial amount of redundancy concerning having a written credit policy, a written credit application, and similar very important credit and collections necessities. Emphasis can be helpful, but if the intent was multiple entry points, I should have been warned in the forward, which I always read. Finally, the name of the game in every business is cash flow. Ultimately, that's what this book is really about. The specific words "cash flow" do not appear until page 39. Page 1 would be better.
Michelle Dunn is clearly a very competent credit and collections professional, and she writes, in clear language, exactly what you need to do to get paid. There might be other resources out there to help the entrepreneur turn customers' promises into cash, but this is by far the best I have seen.
Robert G Lasher is a financial consultant who owns his own firm, Lasher and Associates, based in Newark, DE. His specialty is bank credit risk management and loan review. He has worked for several banks and is currently employed by the Federal Deposit Insurance Corporation.
According to Michelle Dunn, the author, you open up the lines of communication and give them a call. Your job is to collect the money you are owed. This book contains a ton of tips you can use to 1) make sure your company has prepared properly for the day a customer doesn't pay their bill, and 2) techniques you can use to get your money when it happens.
You simply must have business policies in place that will help your small business when (not if) the need arises to collect overdue payments from clients or customers.
Michelle's book will help you do that. Get a copy now.
This book is comprehensive and covers all the nuts and bolts. It belongs on every entrepreneur's book shelf!