It won’t surprise you to know that one of the top concerns of most CEOs is profitable growth. Profitable growth occurs in businesses where the leaders focus on the organizational culture of the business, the people involved in the decision-making and whether or not the vision and strategies being proposed are completely understood and embraced. They also consider new ways of influencing more cash flow, which in some cases involves accounts receivable management processes through a third party.
The organizations that aren’t making the kind of growth they want are probably not working with the right people and/or don’t have the organizational structure in place to drive profits. They are probably lacking the connection to a third party that can provide professional debt collection services.
Businesses that have experienced profitable growth are often less focused on various management approaches that focus on growth. They’re more focused on business activities that lead to success, some of which are tied to how they handle receivables and debt management.
Most businesses rely on their employees to be their strongest asset, yet finding these talented individuals is often their biggest obstacle. Once the right staff is on board, they need to be free of cumbersome bureaucratic processes that stymie growth. A good many businesses are too slow to recognize these failed processes. In some cases, it’s the processes involving billing and accounts receivables that gives them headaches and slows their rates of profitable growth.
Most industries today offer credit to clients. Whether it’s in the medical, educational or retail industries – in order to see more business growth, companies are extending credit to their clients. It works. These companies are opening up new lines of revenue, but not without some risk. Most companies aren’t paid in full for an average of 50-plus days, which can really hamper cash flow and profitable growth of the business.
Business leaders know that growing their organization requires cash, and it’s not always flowing in a positive direction at critical times. One way around waiting 50-plus days for their money, some businesses have gone with factoring provided by a third party. By selling their receivables, they get their money immediately for a small fee. They don’t have to waste man-hours on billing and waiting for payment to come in a month later or three months later. Employees are no longer saddled with paperwork. They can instead work toward growing the business.
By selling receivables to a third party, businesses also relinquish any fear of having to deal with bad debt collection, which can be a massive undertaking for companies with employees who haven’t been properly trained in the practice of collecting debt. It’s a potentially touchy situation that can paint a negative image on the company brand if not handled correctly.
Omega-RMS, llc., is a company that has time and time again proven that they can faithfully recover debt while upholding the image of their clients. Omega’s accounts receivables management solution is at the heart of its mission. Early intercept recovery and contingent collection services are also solutions that Omega is poised to provide.