1.) Don’t hide when you fall behind
Getting collection calls can be stressful. But screening your calls for collectors can only make things worse. This can lead to an escalation of efforts on their part.
2.) Know how much you owe
Without accurate numbers, it’s hard to project paying your creditors or agree to any kind of payment plan.
3.) Know your liabilities and exposure
Review all agreements you’ve signed and the terms they contain. Look for any personal guarantees you may have signed. Pay special attention to any debts that have family or friends as co-signers.
4.) Learn about the different stages of collection
All collection efforts are not equal. For example, an out of state collection letter from an attorney could be a simple threat, while an attorney letter from your state could signal an imminent lawsuit.
5.) Prioritize your creditors accordingly
Before negotiations of any kind, you must determine which creditors are truly vital. Vital creditors are any creditors you can’t operate your business without their product or service.
6.) Finally, don’t make promises you can’t keep
It does you no good to promise a payment you can’t afford to make. Once you break a payment plan, your creditability is compromised. This can harm your chances of an affordable resolution.
If you are past due with creditors and don’t have a plan, we can help, schedule an appointment with the KSBDC nearest you .
LEXINGTON, Ky., (Feb. 14, 2017) – Kentucky Small Business Development Center is seeking nominations for the 2017 Pacesetter Awards. The recognition program was created to honor high performing, second-stage businesses that are changing Kentucky’s economic landscape. The deadline to submit nominations is March 15.
KSBDC encourages small businesses that meet the following minimum qualifications to apply:
· Privately held
· In business for three or more years
· Employ six or more full-time employees, including the owner
· Annual sales meet or exceed $500,000
· Located and headquartered in Kentucky
·Demonstrate the intent and capacity to grow evidenced by the judging criteria.
Pacesetters will be selected based on two or more of the following criteria:
· Growth in the number of employees
·Increase in sales and/or unit volume
· Innovativeness of the product or service
·Response to adversity
·Employee engagement and commitment
·Contributions by the nominee to aid community-oriented projects
Pacesetters will be recognized at the Kentucky Celebrates Small Business event held at the Capitol rotunda in Frankfort during the first week of May. Each honoree will receive an award inscribed with the business’s name and a promotional video for their own use that highlights the business. In addition, KSBDC will send a customized press release announcing the award to local media and trade associations. Honorees are given the rights to use the Kentucky Pacesetter logo and event photographs in promoting their business.
Anyone may submit nominations, including third parties associated with an eligible second-stage business. A business may self-nominate by completing the required form. Winners will be notified by March 27. Full nomination requirements and the application are online at https://www.ksbdc.org/kentucky-pacesetters1 .
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 12 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.