Start Planning Your Business' 2021 Recovery Now
There’s no doubt that 2020 was a difficult year for making plans. For many business owners, the year was mostly about taking decisive action, pivoting when needed, and remaining adaptable to whatever got thrown our way. However, as we turn the page on a brand new year, we have the opportunity to make plans once again. Of course, we need to stay adaptable, decisive, and ready to pivot. But, there is also some space in the new year to make a plan for business recovery that can help make up some of the losses of 2020.
It Can Be Difficult, But Look at the Numbers
As business owners, we spend a lot of time looking at our numbers. We are always watching our cash flows, budgeting our expenditures, and hoping to see some profits. However, this may have been a year when you saw more losses than usual. It may have been a year when your business needed to dip into profits to help make ends meet. It may even have been a year when you allowed some debts to go overlooked.
As hard as it may be, it is important to take some time as we enter the new year to tally up those losses and those write-offs. In the moment, a missed invoice here and an unfulfilled contract there may not have seemed like a big deal. But now, in the cold light of retrospect, you may notice that you let more slip than you realized. Don’t panic! There are ways of making back some of 2020’s losses. If you have outstanding invoices, unfulfilled contracts, and unpaid bills stacking up on your desk, the first quarter of 2021 is the time to take action.
Accounts Receivable Can Really Add Up
First, start making a list of all of the loose ends that have added up this year. Include times that a contract was cancelled after your business laid out expenses. Include jobs that were completed but final payment was never made. Include difficult customers who you decided to let win an argument rather than pursue money that was rightfully yours. Time and time again, we have seen this with our clients. Business owners tend not to realize how much money they are leaving on the table by “writing off” accounts receivable.
Of course, there is a good reason business owners decide to let these loose ends remain untied. It comes down to simple math: it would cost more in time, effort, and lost new work to track down former customers and convince them to pay the money they owe than to just move on and focus on bringing in new business. But, there may be something you are leaving out of the equation: getting help.
Wakefield Law Has Been Getting NOVA Businesses Paid for Over 30 Years
At Wakefield Law, our specialty is collections. Our meticulous and resourceful team has been helping local businesses pursue and collect on unpaid invoices, unfulfilled contracts, and unfair business deals for over 30 years. We are committed to getting our clients’ paid. That’s why we are laser-focused on creating detailed accounts of what is owed by a particular customer, laying out the legal basis for repayment, and then using all of the tools at our disposal to get the best result for our clients. Want to know the best part? You don’t have to pay hourly to bring Wakefield Law on as a part of your team. All we need to get started is 1) a copy of the contract (if there is one -- you don’t need one to get paid what is rightfully yours!), 2) an accounting of what is owed to you (this can be a simple breakdown of what was charged, what has been paid so far, and what remains due and owing), and 3) a small cost fund to cover things like court filing fees and administrative expenses.
Get accounts receivable off of your plate entirely by passing this labor-intensive work onto the professionals. Then, you can get back to work running your business, and we can get to work getting you paid! Don’t let 2020 push your business into the red. With the right support, there is still time to make back some of those losses and plan for a full business recovery in 2021!
Give Wakefield Law a call to get started at (703) 771-9740. Phone consultations are always free. Let’s get started today.