6 Useful Tips On Chasing Payment Provided you know your own house is in order (see the article Do Your Customers Pay On Time? 5 Check Points For Upfront Ease Of Payment if you’re not sure) and there is no reason that you know of why payment should not be immediately forthcoming, don’t be afraid to take these tips on board and state your case to errant customers.
1) Be prompt in chasing - you’ve provided the service or product
2) You’re not begging for a handout - You are entitled to the money by the agreed time
3) The longer you leave it to chase your money, the further down the queue you’ll go when any supplier cheques do get written out
4) If you are getting the run around from the customer company, the person who made the sale should speak initially to the Decision Maker who bought from your company - three reasons for this ****This is the person who values the purchase
****This is the person with whom your company is building an ongoing business relationship
****In short, this person has a vested interest in keeping you sweet - I can remember numerous occasions when I’ve been on the buying side of the equation and stood over Financial Directors and made them write out a cheque after I’d received a telephone call from a totally (and understandably) fed up supplier!
5) Don’t back down - be prepared to state your case to the top man or woman
6) Be pleasant but firm - no-one wins if a slanging match is allowed to develop
One final point:
We’ve all heard of how the 80/ 20 rule often comes into play as a business becomes more established: 20% of your customers provide 80% of your business.
Take that a further logical step and say that the same 20% also contribute to around 80% of your turnover. If one or more customers within that 20% are allowed to get into the habit of late payment it won’t be long before you’re storing up cash flow problems for yourself.
Don’t let that happen to you: Use these tips to nip it in the bud!
Linda
6 Useful Tips On Chasing Payment - To learn more about this author, visit Linda Mattacks's Website.
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Linda Mattacks
(Visit Linda's Website)
"Linda Mattacks is one of those rare
professionals who combine deep
strategy-awareness with a thoroughly
practical approach to business marketing.
What's more, she is as much a hard-nosed
and sales-driven results seeker as she is
an intuitive people person who understands
what makes everyone tick. She has built a
wealth of experience in sales training,
business research, marketing campaign
planning and project management. Linda has
helped organisations of all types and
sizes in the UK and Europe to learn more
about their customers and markets, and
turn that knowledge into revenue. Her
mature and human manner has won her both
business partners' and colleagues'
complete trust, which has opened many new
opportunities for all involved.” - Jaakko
Alanko - MD McCann-Erickson, Business
Division, London, England ... Linda
Mattacks M IDM (the Institute of Direct
Marketing) is a trainer and mentor. She
has developed Selling For Business, a
course that combines the sales, research
and contact marketing skills that enable
individual entrepreneurs and small
businesses to compete successfully with
large organisations. Please visit www.sel
lingforbusiness.com for more details
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