By: Jeffery Hartman
With the limitation of available paper and closing of multiple small debt buyers and collectors, we are seeing a need for remaining small companies to band together in various ways for survival. Large collection corporations and banks are colluding more and more with the government, and it is having the effect of pushing small businesses out of the debt marketplace. While the trend may not be permanent as a natural part of a business cycle, it still hurts profitability and small businesses need to work together on strategies for survival. Below are several suggestions.
While our industry tends to attract independent and competitive businesspeople, long-term profitability and survival will also rely on cooperative relationships and be ensuring that we are moving in the same general direction to ensure survival. It does not mean giving out trade secrets or tactics or contacts – but it does mean taking the time to work together and promote causes for small businesses to prove ourselves as a force to be reckoned with.
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