Like this article? PLEASE +1 it!

Do You Hate To Ask For Your Money?

Article Overview: Many business people hate to appear "pushy" towards the customers or clients who owe them money. They can be uncomfortable in asking, don't know how or when to get on the phone, and usually are unable to deal with the endless excuses, stalls, and evasions that are directed at them by some irresponsible debtors, all of which adds to the discomfort. The result of this discomfort is usually a less than acceptable recovery of money due plus irritation with the customer or client involved. This article tells exactly how to handle the discomfort in a way that is both appropriate as well as effective in getting more of the money owed and getting it much sooner.

Free Download - Managing and motivating a team By Leonard Sklar

Do You Hate To Ask For Your Money?

DO YOU HATE TO ASK FOR YOUR MONEY?

Debt recovery - specifically, asking for money - is very uncomfortable for many people. Here's how to "finesse" your discomfort while you get far better results in payment.

OVERCOMING THE DISCOMFORT IN ASKING FOR MONEY Most teen-age kids have no hesitation in asking their parents for money, and there are plenty of other people who can do it without a second thought.

But, many business people not only feel uncomfortable about asking for the money they have so deservedly earned from providing their product or service, they handle their discomfort by simply not getting on the phone and asking or else by doing it clumsily - with unacceptable results. And, asking in person can be even more discomfiting.

One effective way to get past the discomfort barrier is to first share your honest feelings with the person you want to ask. Here's how.

Say something like this: "(Client), I really hate to ask for money. It makes me uncomfortable, and I worry that my clients might think I'm more concerned about money than I am in providing our service" or words to that effect. If you think this approach is "corny" or manipulative, experience has shown that not only are you likely to get past the discomfort, but most clients will assure you that it's OK to talk about payment and that they also have problems asking for the money due to them.

Then, after you've shared your feelings, as one human being to another, you say something like this: "I really appreciate your understanding. However, as you know, you do owe us $500, and we need to discuss how you plan to take care of this in a way that will work for both of us." (Notice the "both of us" part. That means that they can't just propose some unacceptable payment plan; you have to agree to whatever is proposed, and you may have to negotiate.)

ASKING FOR MONEY EFFECTIVELY First, let me tell you how NOT to ask for money. DON'T BE VAGUE. Never ask for "something on the account" or "a payment." If you do, anything you get is a payment. Also, if your debtor is vague by offering you a payment, you say, "That's great. The best we can do is $250 today with a post-dated check for the balance cashable in two weeks, and we need both of those checks today. Now, you're in a negotiation, bargaining from a strong position, which is far better than agreeing to some drawn-out payment plan that causes your debtor no strain as a result of their stretching out payments as long as possible.

Now that we know how not to ask for your overdue money, how DO you do it, professionally as well as effectively? First, confirm that you are talking with the right person - the one who can carry out the commitment that gets made. Then, just be friendly and direct, like this: Hi, this is Jim Grable from Impact Paper and Ink, and I'm calling about the $500 balance on your account. Would you please write a check for that amount and send it in today? Thank you."

I realize that sounds way too easy and simplistic, and you will get all kinds of responses, and I'll discuss in a future Blog how to handle the main types of excuses, stalls, and evasions. But, you have begun the dialogue correctly, which definitely improves your odds of collecting. Please notice that, in my request for payment, I got right to the point, I didn't apologize for calling, and I didn't talk about the weather or ball scores or other evasions of the real purpose of the call.

Eventually, with a little practice, you'll become both more comfortable as well as effective in asking for - and getting - the money you are owed.

Related Articles

Ok - It's Called Enterprise 2.0

What We Can Do to Transform our World On Purpose

Do-Gooders are Splitters

Entrepreneur As Coach: When You Work with an Avoider

Is cold calling right for my business?

Give the Customer What They Want!

HOW TO “GET YOUR HEAD OUT OF THE SAND” AND FACE REALITY WITH POWER

Love And Happiness Work And Play, Dream On

The Importance of Loving What You Do

Here Is One Secret To Having A Great Career

Small Business Loans UK

Change 1 Thing To Move From Hating To Loving Sales!

Questions to Ask Before Buying a Franchise

3 Simple Steps to Marketing Even If You Hate Marketing

How Not to Find the Best Rated Home Businesses

7 Ideas Owners Must Consider About Succession Planning

Should you advertise?

Start an Internet Based Home Business and Be Your Own Boss

Which Franchise is right for you How do you choose

What If You Hate Long Sales Copy?

Home > Business-Financing > Leonard Sklar > Do You Hate To Ask For Your Money > Google +

Article Tags: collections, Debt Collection, debtors, discomfort, payments

About the Author: Leonard Sklar
RSS for Leonard's articles - Visit Leonard's website

40 years specializing in helping businesses, from sole proprietorships on up, to better manage their accounts receivable. I've conducted seminars in 200 cities in all 50 states, consulting, speaking to conventions, and written an industry standard book, "The Check Is NOT In The Mail" (title provided by Jay Levinson).

Click here to visit Leonard's website

More from Leonard Sklar