Posts tagged debt

Entrepreneurs around the globe need to settle on the hardest choices, and do so consistently to properly influence their organizations. It can be hard to settle on the best choice for your organization, but then again numerous operators battle with settling on the correct decision. This article centers around providing the costly monetary errors that entrepreneurs make every day.

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Time is of the Essence

Time is a powerful thing. In some circumstances in cannabis time can be your friend. Taking an extra day to review a contract, great idea. Giving your plants an extra week to flower, so they can reach optimum potency and flavor profiles, is a good idea. Leaving your freshly blasted concentrate slab in vacuum ovens for an extra 12 hours so it purges properly, is a great idea. Taking the extra time, to hand manicure and trim your bud, is a great idea. A many number of things in cannabis benefit from extra time. However cannabis debt collection is most certainly an exception to that rule.

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Does your Canna-Business Offer Credit?

Cannabiz Collects knows the cannabis industry. We also know credit worthiness and debt collection. We believe that offering credit will help our blooming industry to grow and blossom! 

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Using a Lawyer vs. a Collection Agency to Collect Debt

If your letter writing, personal meetings, and phone calls have all failed to resolve a debt issue, it’s time to call in a professional — a debt collection agency or a lawyer specializing in debt collection.

The most obvious choice to collect an unpaid debt is a collection agency. Agencies come in all sizes — some are local, some specialize in handling certain kinds of debts, and others are national in scope. The cost varies, depending on the volume of business you bring to the table, and the amount of debt that is to be collected. Plan on paying 25 to 30 percent of the amount collected, with some agencies demanding a 50-50 split.

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Take a “Write Off” or Take Back Your Cash: Collect Your Outstanding Revenue 

In the cannabis industry, many companies feel helpless when deciding how to manage and collect their outstanding, past due receivables. We have heard time after time, businesses “writing off” outstanding A/R because they have exhausted their own internal time and energy to collect

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