Handle Your Business

Writing a business plan is, at best, challenging. In one fell swoop you need to demonstrate how great your company is … and what a great manager you are. Often it is easier to wax poetic about your company than about yourself. One of the things you will need to demonstrate is your expertise in collecting accounts, especially overdue accounts. A short paragraph on this one issue will go a long way toward establishing your credentials.

One possibility, especially if you often work with companies you don’t know, is to use an outside service like Zintro Inc., which sets up an escrow account until the job is finished. Your client deposits the fee into the escrow account, and you receive it when the job is completed. At least this way you know that the client really has the money.

When there are clients that you will work with over a period of time, a background financial can be very useful. Don’t bother asking the company for one. Go to a business credit company, like Dun and Bradstreet (summary reports are $59.99 each), or Experian (basic reports are $29.95). Both companies can provide more extensive reports if you need them.

You needn’t go into great detail when writing your business plan. A brief mention of the services you will call upon is enough to demonstrate that you know what you are doing, and that you do indeed intend to get paid.

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