How Do I Know That My Customer Is Having Financial Problems?
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In times of recession we are all trying to survive and sometimes the worst thing that can happen to your business is that one of your customers is in trouble. If they go down, your business could be the next in line. So how do you know when one of your customers is having problems?
The first and most obvious one is that they have not paid your latest invoices. This is a rather drastic way to find out so look for these clues to their having financial problems:
· They pay later than usual.
· They order more goods than normal.
· They ask for extended credit terms or increased credit.
· They ask for a change in the credit terms that seem a little unusual.
· They send an order outside of the credit terms.
· They make a sudden surge in their advertising and/or increase the pressure on their sales staff.
· Their sales staff seem very stressed from being pressurised into finding new customers or having too few staff available.
· They make key staff redundant.
· They change their trading hours – more means they are chasing sales, less means they are cutting costs.
· They restrict their product line.
· They do not order goods from you in their less popular ranges.
· The hold a lot of sales.
· Industry gossip indicates problems.
· They become the takeover target of predatory companies.
· Their accounts group becomes difficult to contact.
· They do not return phone calls.
· Their support line is unusually busy with complaints or quiet from lack of business.
· Their cheques are returned unpaid.
· There appears to be a lot of meetings of their top staff.
· A manager, more senior than you usually deal with, asks for a meeting to discuss trading matters.
If you see one or more of the above then you need to seriously review the credit that you extend this company. You should also consider meeting with one of their senior managers to discuss matters. It may be that you can assist them or barter some of their good for assistance within your company.
How Do I Know That My Customer Is Having Financial Problems - To learn more about this author, visit Lee Lister's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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