Time is Money - Collect Your Cannabis Debt Quickly
By Danny Batler
In business, time is money, mainly when that business operates within the cannabis industry. Policies and laws are ever-changing, leaving the financial aspects of owning a cannabis business very complicated. Owners are constantly looking for ways to keep track of accounts receivables to ensure they receive payment. However, issues continuously arise due to the complexity of making transactions within the industry. Often, payments are due, and a debt situation arises. This issue leads to many larger ones that, if not fixed quickly, can be detrimental to a successful business.
Importance of On-Time Debt Collection in the Cannabis Industry
Some businesses, such as those in the cannabis industry, are particularly susceptible to debt problems, given that the federal government has not legalized cannabis. This situation makes the cannabis trade somewhat cumbersome for suppliers, dispensaries, and customers. In the cannabis industry, reliable, speedy debt collections are a key factor for suppliers and producers that want to remain competitive in an increasingly crowded market with shrinking margins.
Uncollected and aging accounts receivables will eventually derail any business despite the owner’s best intentions. Employees can't be paid without reliable cash receipts, delayed rents, and inventory shrink. Therefore, rapid, reliable, seamless debt collections are any successful business's mainstay. Without collections, your business will face a few problems.
Debt Settlement and Cash Flow
Firstly, you miss out on valuable investment opportunities when you are owed money. The time value of money is a key concept for any business owner. One dollar today is worth more than it will be worth tomorrow. When money sits in accounts receivables and uncollected, it cannot earn interest, it can not be leveraged to invest, and it can not buy inventory.
The sooner you receive a Debt settlement, the sooner you can start to reinvest it into your business, which will yield high returns if done correctly. Another crucial reason to settle quickly is that debt will destroy your company's cash flow if you wait.
Arising Need for Collectors in Business
Maintaining a healthy cash flow is necessary when running a successful cannabis business. Many investors and businesses look at cash flow as a key indicator when distinguishing how well a business performs. If you have a cash flow issue, companies will be reluctant to go into business with you due to the risks you pose to them. Conversely, if you do not have a lot of cash coming in, then there is a high likelihood that you will have trouble paying your invoices.
Additionally, if you are unable to pay your invoices it will put a strain on your business relationships. Luckily all of the above scenarios can be avoided if the debt is collected quickly and thoroughly. So now that the risks of not collecting debt have been listed, the big question is: How do I collect my debt quickly?
Meet the Incredible, Unsung Heroes of Debt Collection/Settlement
The best way to collect debt in a short amount of time is to go to someone with experience. CannaBIZ Collects is the industry leader in cannabis debt collection.
We provide the best services that nearly guarantee that your debt will be collected faster and more successfully than our competitors. Additionally, CannaBIZ Collects makes the process as easy as possible, allowing you to focus on the essential parts of your business.
Debt can be a real headache for you and your business. When problems arise, remember that time is money. Act now and contact your cannabis collection agency CannaBIZ Collects to settle quickly on your behalf.