The new year is a time of action. For some, this means new beginnings, be it starting a diet or an exercise regimen. For others, it is a time of letting go of unhelpful habits or relationships. For those with their own business, this season of initiative doesn’t have to stop with one’s self.
Now is the time to reflect on your goals for your business for 2018. What growth have you been delaying?
As an attorney who works with businesses of all sizes, I’ve come to appreciate how often that growth is already earned—just not tapped. I’m referring to past due accounts receivable. Take this new year to evaluate those past due accounts and identify cases that could benefit from greater attention.
It’s possible you may be able to resolve some of your dusty invoices in-house either through an additional letter or phone call. Others will require a more powerful motivator. Sending a demand letter from a law firm or filing that lawsuit may be the next step necessary to get your accounts paid. Working toward obtaining a judgment against the debtor is necessary in order to pursue your non-voluntary payment options, such as wage and bank account garnishments as well as putting a judgment lien on a property.
Collections issues aren’t the only drain on a business’ growth in which the law stands ready to help. Employees are both a company’s greatest asset and its greatest liability. Minimize the latter with a tailored employee handbook outlining not just harassment and discrimination policies, but issues specific to your business.
Unfortunately, even the most extensive employee handbook isn’t a safeguard against those employees who, when faced with the opportunity, will take what is not theirs. Recommit now to reviewing your accounts on a regular basis, and in case something arises do not hesitate to seek out legal help.
If you are a business owner in need of help in any of these areas, do not hesitate to reach out for a free initial consultation. Now is the season for action.