The manufacturing sector of the US economy is massive and includes over 300,000 companies. Together these businesses are responsible for nearly $4 trillion in sales every year. With a number that high, it is important to understand why manufacturing industry debt collection in is extremely crucial to a company's success. To help reduce risks and maximize profits, large and small manufacturing companies in Connecticut, and all over the United States are turning to debt collection agencies, like CMCS, to handle their recovery solutions, debt collection, and debt receivables for them.
When a company partners with us to handle their manufacturing industry debt collection needs, they can count on our debt collection expertise to handle their account the right away. The first step in the process is to score claims using our debt recovery solutions process. Next, we will work with clients to determine a debtor's ability to pay the debt, and discuss collection options. Options that may be available for a manufacturing debt collection claim in Connecticut include payment in full, discussing settlement options, or even negotiating the return of sold merchandise.
Whether large or small, a manufacturing company in Connecticut needs a debt collection company on their team. The majority of extremely profitable manufacturing industries in the United States deals with raw materials and metal treatment. While many people can quickly name the largest companies in the manufacturing industry's most popular sectors such as electronics, paper and metal, machinery, plastics, food, and chemicals, most do not understand that these sectors only account for 25% of the entire industry. The largest part of the industry comes from small manufacturing businesses. In fact, 65% of the industry is created by small businesses. To be considered a small business in the manufacturing industry, a company must have sales less than $5 million annually.
The size of a manufacturing company only plays a small part in how a debt collection agency handles receivables. The challenges that face these types of companies are similar no matter how big or small they are. Global competition, health care costs, labor, and energy creates extreme pressure to always have a positive cash flow. Any disturbance in cash flow can disrupt the company's operations and cause even more pressure to collect outstanding debts in Connecticut. Without a proven debt collection agency on retainer, a manufacturing company could quickly go under when cash flow gets disrupted.
If you are working in the manufacturing industry, contact CMCS to improve your debt receivables and collect any outstanding debt. Our company has the tools, experience, and solutions to minimize your risk, maximize your cash flow, and decrease your accounts receivable. While the manufacturing industry can be extremely complicated, maximizing profits in this sector can be made easy if you are aligned with the right agency working your debt collection.
At CMCS, all of our team members are professionals that know how to get debtors to pay outstanding balances. With our solutions and expertise, you can stress less about outstanding debts and concentrate more on running your business.