Wilson Cole's Podcast From The Road

Credit risk is an issue that many types of firms will have to deal with regularly. These credit risks threaten your business’s stability, so you need to know how to deal with them. Engineering firms are especially at risk if they are betting on that one big job or large contract. In today’s Monday Morning Memo, Wilson and Samantha Cole go over a few things that engineering firms need to do to minimize their credit risk. How Engineering Firms Can Reduce Their Credit Risk Minimizing credit risk is a challenge that can have a significant impact on your business based on how you handle it. You can effectively reduce your credit risk and consider it a minor nuisance, or you mismanage your credit risk, and you’re put into a situation that puts your business on the line. So to prevent that from happening, you need to reduce your credit risk the right way. Pull Credit on a Company A great way to make sure that you minimize the risk involved when it comes to working with someone is to pull credit on them. It shows you

The legal process is one of the parts of collecting the legal fees that you’re owed, and you have to deal with the paperwork associated with it. However, many clients get irritated by how we ask for the same documents repeatedly. So in this week’s Monday Morning Memo, we’re here to clarify why we ask you to supply the same supporting documentation through the legal process. Why We Ask For The Same Supporting Documentation Throughout The Legal Process Having to deal with sending the same supporting documentation repeatedly can be annoying for many clients. However, there are several reasons why we request you to do this. It is mainly to ensure that your case is solid as the legal process moves along. We Make Sure Everything Matches When we ask you to send the same supporting documentation, it isn’t because we are disorganized. Instead, we are doing everything to make sure that the contents of all the documentation match. A mismatch in any of these documents could shift the tide to your debtor. A Litigation Rai

Preparation is essential in the staffing and recruiting business. If you’re caught unprepared, then you might end up in trouble. Clients going out of business is one of these problems that you’re going to have to face. Luckily for you, there are always warning signs. The third warning sign that a client is going out of business is your wakeup call, and you need to be prepared for it. What You Need To Know About The Third Warning Sign The third warning sign is when you start realizing that you might have a significant problem on your hands. It is usually when a client is 60 to 90 days overdue. They’ve made promises and a few phone calls or have gone completely silent. You must know everything to know about this warning sign to increase your chances of a successful collection. You Have Limited Time Once clients are 60 to 90 days overdue, you have a limited window to collect what they owe. They still can pay you, but with each passing day, they start to lose the ability to do so slowly. Their credit lines are dr

Due to today's unstable economic climate, one thing you can expect is that your business may struggle. Many reasons can cause these problems, but the end is almost always the same. Either your business survives to see another day, or you don't. This is why you should take every advantage you can get. One of these is the Small Business Administration Economic Injury Disaster Loans. What The Small Business Administration Economic Injury Disaster Loans Can Do For You Personal Guarantees and Security Interests Have Been Waived Personal guarantees can be a significant issue for business owners. If your business goes bankrupt and you signed a personal guarantee for a loan, you are still liable to pay for the loan despite the business no longer existing. In essence, you are a co-signer to your business in that situation. However, personal guarantees and security interests used in the Economic Injury Disaster Loan are now completely waived thanks to an act of congress. Think about that. The government is removing the

When a business is at risk, there will always be five warning signs. However, the third warning sign can be a real tipping point. This situation is when an account is 60 to 90 days past due. It is critical, and speed is of the essence if you want to collect your owed fees. What You Should Know About The Third Warning Sign Seeing the third warning sign is a significant cause for concern for collecting from a company. However, if you’re not convinced of the urgency of the situation, we urge you to keep reading so you have an idea of what you can expect if you let the account stand idle for a little while longer. You, Will, Start Seeing A Dramatic Difficulty Increase When It Comes to Collecting from a Client Who is Displaying the Third Warning Sign The third warning sign typically consists of an account being 60 to 90 days past due. At this point, you usually have a 71% chance to get your fees. However, if you leave it for another 30 to 45 days, you can expect a dramatic increase in difficulty to collect for sev

One of the major problems that we face right now is the impact of the Covid slowdown. Especially when it comes to credit and collections. Today, Wilson and Samantha Cole explore the effect of Covid on these two vital aspects of the staffing and recruiting industry. The Effect of the Covid Slow Down on You, Credit and Collections Wilson and Samantha Cole will be exploring the deeper implications of Covid’s effect on business in today’s Monday Morning Memo. Former Credit Risks are a Much Larger Risk Now You’re not the only one affected by the Covid slow down, your clients are too. Companies and businesses that you have been dealing with over the last few months are a much larger risk than they ever have been. This is especially true if they have been a problem account since last year of December or early January of this year. One recommendation that Wilson wants you to do is to pull new credit reports as it gives you insight on the risk of a company. Back Door Hires Become a Much More Common Occurrence Another

Business can be rough sometimes and you might find yourself not being able to pay someone you owe. We’ve had clients that have had these types of problems in the past. We understand that it’s almost always due to unforeseen circumstances or a cash flow issue. So today Wilson and Samantha will be going over what exactly happens if you owe another invoices and you cannot pay. What Happens When You Can’t Pay Your Invoices? Being unable to pay your invoices can be devastating. However, understanding what will happen if you’re unable to pay your invoices will be the first step to finding a solution. Always Try To Reach out To Your Creditor First and Foremost Reaching out to your creditor is something we highly recommend if you can’t find a way to fully pay your invoices. Reaching out to your creditor lets you work out a deal to be able to pay the debt over some months or to even reduce the amount of debt that you owe. Usually radio silence isn’t a good idea because it gives your creditor the idea that you might be

Recessions can be a large part of running a business because of how it affects your own business and your clients. We've seen a rise in the number of times our client's debtors have made excuses as to why they can't pay their debts. The Top Debtor Excuses So Far in The 2020 Slowdown Going into a recession, you can expect a few things to happen. But the main concern for the staffing and recruiting industry is how recessions can cause their debtors to become more aggressive and have all kinds of ridiculous excuses. We've listed down just some of the worst offenders when it comes to excuses that have come straight out of the left field. "Our Plant in Wuhan and Along With Our Office in New York City are Shuttered" This is one of the cases where you may think it would be near impossible to collect on. However, we were able to collect from this company, and our client has received 75% of what they are owed. It is certainly possible to get things done even in this business climate we're in right now. "We're Not Payi

Adams, Evens, and Ross and Back Door Hire Solutions have been undergoing a few great virtual changes that have helped us improve our systems. Today Wilson and Samantha share some of the best changes that we’ve made that you should also be using. Using E-Checks One of the things that we’ve been using to receive payments from our clients was FedEx. Our FedEx bills were a fortune and we’ve been able to save $1000 to $1,500 each month from FedEx fees since we started using E-Checks. Using it is simple when compared to paying for services normally because all you have to do is go to a specific website, enter your details and hit send. The receiver will then just be able to print out the check where they are and it doesn’t have to go through the same hassle as a regular check. We use E-checks to pay for the various services we pay for and also allow our clients to pay using E-checks because it is just that much more convenient for everyone involved. It's also speeding up our cash flow and as we all know, the lifebl

Working remotely is something many companies have started doing in this time of crisis because of the pandemic sweeping the globe. So in today's Monday Morning Memo, Wilson and Samantha tackle the problems and benefits of working remotely. Making Remote Work Effective and Efficient Made Simple Remote work can be difficult for many people to adjust. However, it is a necessary thing to do in today's climate because many businesses will opt to go for remote work rather than fully closing their doors. So Wilson and Samantha both share their perspective and provide advice for remote working. Have a Dedicated Workspace According to Samantha, a great way to make remote work more effective is to make sure that you have a dedicated workspace. Separate it from the rest of the places in your home and only go there when you're about to work. A dedicated workspace lets you have the mindset of work while you're in that specific space. It doesn't have to be a full-blown office either. It can be a chair in the dining room th

In today’s Greatest of All Time Interview Series, Wilson Cole, president of Adams, Evens, and Ross interviews Gordon Bizar regarding the pandemic and the inevitable slow down of the economy. Wilson has worked with Gordon for many years and he is considered Wilson’s mentor for 20 years. He has insight into many different industries, and a wealth of experience from the many different cycles over the years. Gordon Bizar, Wilson’s Mentor for 20 Years How Does Gordon See This Playing Out? Gordon mentioned that nobody knows what’s happening at the moment regarding the economy. Many people have lost nearly a third of their wealth within a week, with a number of others conserving cash as much as possible. This is common according to Gordon, but it’s far more accentuated. He also mentioned that the government has to do a delicate balancing act between human welfare and keeping the economy from crashing. They both have different demands. Human welfare demands that the curve has to be extended, the economy on the other

Monday Morning Memo | Most Courts Are Shutting Down For The Corona Virus But The Next Part Even Shocked Us Courts handle many legal disputes regardless of reason. But what happens when a worldwide pandemic shuts down our court systems? Coronavirus Impact On The Court System and You As of the writing of this article, the Supreme Court has been shut down. Not just that, several aspects of the federal government could follow suit. This is a major problem if you’re still owed fees from a debtor. So we’re going to break things down in this article so you’re prepared to handle what follows in the next 30 days after the courts have begun to shut down. Court Proceedings Have Been Halted for 30 Days, Possibly Longer What this means for everyone is that if you have a case against someone within the next week or so, expect the hearing to be in five weeks or more. This also affects updates with collections as you’ll have to wait an additional four weeks before you can get that update. Everything has been put in frozen an

Emails are a great tool in the modern life of businesses. It helps you get information out and receive information back. This is especially true when it comes to the staffing and recruiting business, where communication and information are assets that need to be utilized. But did you know that it can also help you catch a lying debtor? Why You Should ID The Job to Your Candidate Through Email You might be wondering how email can help you catch a lying debtor and give you the leverage you need to win a lawsuit if it ever comes to that point. The answer is simple. Emails help you document information between parties reliably. On today’s Monday Morning Memo, Wilson and Samantha explored exactly why you should ID the job to your candidate through email. Legal Wording Isn’t Completely Necessary According to Wilson, the legal wording isn’t really what he’s concerned about when it comes to emails being sent. He’s concerned about the psychology of it and how it can affect the outcome of you collecting your owed dues.