While the economic news from Wall Street and Washington leans discouragingly toward the dismal, there is a way for small businesses to navigate through the chaos – they have to be willing to act quickly to minimize the cash crunch.

The old theory that the longer debt is outstanding the less likelihood there is of a business owner’s ability to collect it is truer than ever during a widespread financial crisis. But there are strategies and products available to avoid getting shot down by skyrocketing accounts receivable.

First and foremost: Small businesses should get past due accounts to a collection agency like Transworld as soon as possible.

Read Complete Article »

Jim Kirby, Vice President of Transworld Systems Collections Division, is a 20-year veteran of the collections business, which means he has a unique perspective on the economy and how its ebb and flow affects Transworld’s clients.

“The current financial crisis is unlike any we’ve seen before,” Kirby says. “This is different from the past when we might have seen only some consumers struggling. Now the economy is affecting the total consumer base in one way or another.”

With less cash to go around, businesses are finding it more difficult to collect on their accounts. So to ensure the best chance of collecting the most cash possible, Kirby suggests that business owners ask themselves the following questions, for which he provides his tips.