Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collection agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.
Today we’re going to talk about reducing credit risk. 80% of businesses will go out of business within the first 5 years. After that window, even the 80% of the surviving 20% won’t make it through the next 5 years.
Reducing risk to me means that if you’re extending credit, to make sure you’re covered. The best way I can explain it is that as crazy as it would be to give a large amount of money to a complete stranger, think of providing services to a complete stranger asking for staffing services, without properly reducing your risk, as the same type of crazy thing. Unfortunately I have had many clients who did not have that mindset, or had it but acted against their better judgement anyway, before they called me to explain the bad situation they were in. Read the rest of this entry »








