Do you start to worry about getting paid once your bill is already past due? OR do you anticipate to ensure your customer will Pay & will do so On Time?
by Evelyne Legaux on 07-07-2021
Many SME businesses waste highly valuable time trying to get paid using a reactive & random approach. The smaller your business the more vulnerable it is to customer’s unreliability or payment default.
LET’S BE CLEAR: Cash Flow is vital to your business, its very survival depends on it!
So, how can you reduce the stress caused by payment uncertainty?
Key to getting paid on time is to stay in touch with your customer once you have shipped goods/delivered a service & billed them. Before payment is due:
. check that shipment/delivery & invoice are clear from any operational queries,
. then ask them to promise timely payment in full.
Once you have eliminated queries as a reason for non-payment, focus on spotting any genuine Collections risks.
Each customer is unique, so know them well enough to assess this essential difference: is it that they WON’T pay you? or rather that they CAN’T pay you? Then act accordingly!
It is critical to build a relationship with your customer, even more so in crisis times. Be empathetic when communicating with them to show that you care.
Many businesses face temporary Cash Flow issues at some point in their journey. If so is the case for your customer, understand their specific circumstances first, then be pragmatic & flexible in your dealings with them WITHOUT compromising your own Cash Flow & entitlement to getting paid!
Doing so will help your business be perceived as a loyal & trustworthy vendor. And this will surely pay back whether in crisis times or not!
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