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  Managing Your Business In Difficult Times
Newsletter September, 2008

 
 
Greetings!

As a community service, the Law Offices of Karen M. Riggio, LLC publishes a complimentary e-newsletter designed for business owners and independent contractors. Each month, we offer valuable tips and practical, real life answers to today's common contract issues and collection problems. Feel free to e-mail us your suggestions for future articles.

Karen M. Riggio

 
 
Tip of the Month:
Managing Your Business in Difficult times

You don't have to be told that times are tough - you hear it every day. Home foreclosures are at the highest levels since 1979. Consumer bankruptcy filings are surging.

Business has changed. It is no longer "business as usual", based on a handshake or verbal agreement. Now, more than ever, it is essential that you review your business practices to protect your interests, minimize your risk and maximize your cash flow.

What can you do?

First consider having a written contract. It should clearly define the scope of the work you will do or services you will perform, the time frame, and clearly state the agreed-upon price.

Next, be more careful who you give credit to. Use a credit application and run a credit report. Obtaining banking, employment, credit card information and checking credit references can help you identify problems before they occur and will give you valuable tools to use if you experience payment problems.

Set up a regular system for collections. Monitor your receivables, send letters and make regular calls to your customers for payment. For truly difficult cases you may want to consult a lawyer who is experienced in collection practices and litigation.

It is quite possible that some of your customers are struggling to pay all their monthly bills. Credit applications, clear contracts and calls from your account receivables/collection department will all help those customers decide that your company's bill is the one they should pay first.

In the next several newsletters we will go into more detail on how to institute a more systemized approach to your business practices. Doing things in a more formal, business-like manner will help you to run your business better and more profitably.

 
 


Since 1983, Attorney Karen M. Riggio has helped thousands of clients create clear and concise written agreements and avoid potential business disputes. Her practice concentrates in business and commercial law, and provides experienced legal counsel in contracts, debt collection, dispute resolution, and real estate. For more information, call 203-968-8715 or visit www.kmriggio.co m.


© 2008 Law Offices of Karen M. Riggio, LLC
Concentrating on Business and Commercial Law
Connecticut New York

phone: 203-968-6715
 
 
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