Protect Yourself Against A Bankrupt Client By Brian C Jensen

 

Protect Yourself Against Bankrupt Client

From projects gone awry to unpaid invoices, working with a bankrupt client can be an incredibly difficult and unsettling experience. Unfortunately, economic downturns often lead to increased instances of bankruptcy for business owners and organizations. For businesses in the service industry, it’s essential to take proactive steps to protect yourself from clients who could very well declare bankruptcy at any moment. In this blog post, Brian C Jensen provides helpful tips on how you can safeguard yourself against a bankrupt client while still fostering a successful working relationship. Keep reading if you want to learn more about the warning signs of potential financial trouble and what proactive steps you should take before taking on any new job!

Brian C Jensen On How To Protect Yourself Against A Bankrupt Client

According to Brian C Jensen, when a client unexpectedly declares bankruptcy, small businesses can find themselves without payment for services rendered. To protect your business from such financial turmoil, there are several steps you should take before entering into an agreement with any new customer.

The most important step in protecting yourself against a bankrupt client is to thoroughly vet all potential customers before signing a contract. Review the customer’s credit score and request documentation of their current financial situation, including statements of assets and liabilities. It is also advisable to check that they have not filed for bankruptcy in the past few years or had any other problematic dealings with creditors. This may require extra due diligence but could save your business from substantial losses down the road. 

Read on.

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