- Wednesday, June 13, 2007, 7:30 a.m. to 9 a.m.
- Colorado Mountain College: Alpine, 1330 Bob Adams Drive, Steamboat Springs
Steamboat Springs Randy Rudasics handled collections for the employment service he was president of in Indiana "basically because no one else wanted to do it."
The anxiety that comes with collections is intensified in a small community like Steamboat Springs, where people feel uncomfortable confronting those they see on a regular basis for money.
"One of the things about this town is it's a small town and people don't want to call and ask for money," Rudasics said. "Calling up a friend to collect is real stressful."
"Commercial collection basics" is the subject of a "Success Steps" seminar Wednesday at the Small Business Resource Center at Colorado Mountain College. Rudasics, the center's director, will teach the course, which is intended for existing small businesses. The seminar will focus on how to prevent receivables - cash due to a business for services it has already performed - from aging excessively, which can result in negative business impacts such as bad debt, shrunken profits and more stress.
Dan Bonner, an accountant with Tredway, Henion and Kerr PC, said collections is a vital component of any successful small business.
"I think there's a real natural tendency not to collect from people you know," Bonner said. "But the best business people I know are extremely diligent about collecting receivables and are not hesitant at all to pick up the phone after 30 days."
Bonner said two to three months of business not collected could be enough to put a small company out of business.
Rudasics said employing proper collection procedures doesn't mean Steamboat businesses should adopt the same practices as the most impersonal large corporation. He said being more personal is fine, as long as the business is firm.
"What's the old adage?" Rudasics asked. "The squeaky wheel gets the oil. If you make some noise - politely - you're more likely to get paid."
The Success Steps seminar is this Wednesday from 7:30 to 9 a.m. in Bogue Hall on the Colorado Mountain College campus. The seminar costs $10 and includes breakfast.