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3 Common Debt Collection Mistakes Small Business Owners Make
Small-scale business owners are the most susceptible when it comes to debt collection. If not done correctly, your business might end up losing more money due to expensive legal fees or other problems that may occur during collection. Unpaid and/or uncollected payments on several transactions may become a big threat to small businesses as it can have an effect of tolling on the entire cash flow of the business. 
 
Indeed, debt collection can be quite stressful if you don’t have a solid system in place. Knowing how to intelligently approach your clients and handle debt collection properly is imperative in ensuring that your business is able to stay afloat. 
 
In this piece, we spoke with Scott from JMA Credit Control in Melbourne and he will be sharing with us some of the biggest debt collection mistakes by small business owners. 
 
1. Not Doing Enough Research
Part of conducting business is making sure that you have all the data you need to protect your business interest. This is crucial in assessing potential customers and clients. As such, securing business and personal credit reports are essential in helping you gauge the right clients that will honour their contractual obligations and be spared from the parties who are ... more

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