6 Useful Tips On Chasing Payment
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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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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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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