Chris Bjorklund: Hello, I’m Chris Bjorklund for the Virtual Business Center. Today, I’m talking with Jan Triplett, the CEO of the Business Success Center in Austin, Texas. Jan, you’re the expert on sales process and I know one thing you recommend is that businesses be selective in customers. Why is that such an important thing?
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Satirical newspaper, The Onion, recently had a bit of fun with the banking industry and its response to sweeping regulatory changes taking effect this year. In the short “infographic,” The Onion detailed new fees planned by industry big boys, the so-called “systemically important” institutions by the Dodd-Frank Act (more on that in a moment).
One of the two ways a business can improve cash flow is by accelerating its collection of accounts receivable (or A/R). This approach works if your business sells to other businesses and extends trade credit.
All business owners want to grow and be successful. It is part of the entrepreneurial spirit that made them want to be in business to start with. To many, supplying products or services to extremely large businesses on a large scale is the holy grail of sales.
This article addresses collection of business accounts (B2B transactions). If you extend credit terms to consumers you must follow a very large set of rules set forth by the Federal Trade Commission and possibly (if you are a Texas business) the Texas Office of Consumer Credit Commissioner.