Monday Morning Memo: The First Warning Sign That Your Client Could Be A Collection Issue And What You Should Do In This COVID Economic Environment
What Every Staffing and Recruiting Firm Should Know
Release Date: 07/21/2020
Recession advise if you've been in business less than 10 years
What Every Staffing and Recruiting Firm Should Know
There’s a lot of talk about the recession lately, and if you’ve only been in the business for less than a decade, it’s definitely getting a tad scary. In today’s Monday episode, Wilson shares some advice to ease your mind, so make sure to tune in. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and...
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Preferential Payments in Bankruptcy: Debt Consolidation and Settlement
What Every Staffing and Recruiting Firm Should Know
Bankruptcy may sound like the end all be all, but don’t fret. There is a legal way out. Let Wilson walk you through how debt consolidation and settlement work for today’s episode. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving over 3500 staffing and recruiting organizations. All we do is...
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Payment Systems and Payment Methods
What Every Staffing and Recruiting Firm Should Know
The truth about payment systems and methods, in general, is that it comes with risks. What risk exactly? Wilson discusses it all in this episode. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving over 3500 staffing and recruiting organizations. All we do is collect past-due debts for hiring and...
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The 3 worst Back Door Hire Excuses
What Every Staffing and Recruiting Firm Should Know
We’ve been in the business of helping recruiters, and staffing companies collect missed placement fees due to backdoor hiring. You can say we’ve heard it all—every excuses out there—but these three take the cake for the worst reasons delinquent clients may use to cover up their backdoor hiring. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector,...
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3 excuses that may be somewhat legitimate
What Every Staffing and Recruiting Firm Should Know
If you ever get into a backdoor hiring situation, you’ll hear clients draw up excuses that support why they did what they did. And sometimes, these reasons may even be legitimate. For today’s Monday Morning Memo, Wilson clues you in on what these excuses might be. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK,...
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3 reasons why you get back door hired
What Every Staffing and Recruiting Firm Should Know
At this point, you’re already familiar with backdoor hiring and how it hurts your business, right? But why did it happen? Why did you get a back door hire? Wilson and Samantha cover three loopholes you might have missed. So, watch out for these! Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving more...
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3 states that you have to worry about if you're a staffing firm or recruiting firm
What Every Staffing and Recruiting Firm Should Know
Are you a staffing or recruiting firm? First, there’s something you need to know. In today’s episode, Wilson and Samantha talk about the three states you must be mindful of when operating such a business. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving more than 3500 staffing and...
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3 things you should do when you have been backdoor hired
What Every Staffing and Recruiting Firm Should Know
You know one thing that’s even worse than your prospective candidate not getting selected by your client? When they get backdoor hired. What is backdoor hiring, and why does it hurt you and your business more? Let Wilson and Samantha explain in today’s episode. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the...
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You're still on the hook if you're using a Funding Company
What Every Staffing and Recruiting Firm Should Know
Are you using a funding company? If yes, you might want to tune in. In today’s memo, Wilson and Samantha discuss why you’re still “on the hook” if you’re using a funding company. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and recruiting sector, with offices in the US, Canada, the UK, and Asia serving more than 3500 staffing and recruiting organizations. All we do...
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Calling All Recruiting And Staffing Firms. Ask your Questions!
What Every Staffing and Recruiting Firm Should Know
There’s a lot coming and going in the collections world—stories you might want to share and questions you might like to ask. So, the floor’s all yours! For today’s episode, Wilson and Samantha invite you, our dearest audience, to ask whatever burning question you might have from a collection standpoint. Adams, Evens & Ross, which only collects debts for the hiring and recruitment sector, has grown to be the world's largest credit and collection company during the past 30 years. Adams, Evens, & Ross is the unchallenged leader in credit and collection for the staffing and...
info_outlineCollecting from your clients can be a tedious process at times. However, there are early warning signs that you could pick up that could help you find out who exactly is going to be a bigger problem than the rest. We’re going to explore the first warning sign that your client could be a potential collection issue in the future.
The First Warning Sign
Before you have just absolute chaos is that you start seeing your clients moving a bit further out. It doesn’t matter whether they were a good or bad client, you just see them start making payments later and later. They start running behind on payments and. When they used to pay at 15 days, they started paying at 30 to 45 days out. What was true six months ago, could be absolutely nothing further from the truth right now.
Your business is certainly experiencing COVID right now and so are your clients. They could be fighting some significant cash flow issues that could get you in trouble as well.
Wilson’s Recommendation
The unstable economic climate created by COVID should be your signal to start making preparations. You should already have your timesheets, and your fee agreements in order, and you should start doing credit checks on your clients. Credit checks, in particular, can be a very powerful tool for you to utilize as it lets you make sure you know what to expect from them moving forward.
Samantha’s Recommendation
One of the best things you could do right now is to make sure that you have all your paperwork in order from the get-go. It isn’t when they are already 45 days isn’t the time to realize that you don’t have a signed contract with them. Keeping up with correspondence can also be a valuable asset for you.
For example, when you receive an email telling you that they’re going to pay next week, you should make sure to keep that email. It makes it much harder for them to get out of paying you in case you have to go down the legal route. This is called a reaffirmation of debt that lets you back them into a corner in case they refuse to pay.
Key Takeaways
- Right now because the economy is fighting COVID it is more critically important right now than it ever has been to focus on good fundamentals and to pay attention to the warning signs.
- In my opinion, you should have had, especially during this COVID economic climate, you need to make sure you have your timesheets, your fee agreements, pull your credit checks and credit applications, and things along those lines. Those should have already been done.