Did you know that over 80% of business owners hate asking for their money?
Not everyone wakes up and wants to be a Debt Collector!
I know “hate” is a strong word and I don’t like to use it often. It sounds crazy, but it’s true. We have found that 80% of business owners hate asking for their money. I couldn’t help myself but to ask business owners this question. “Why do you hate asking for your own money”?
Here’s what they say and I’m sure you have heard these before or you may even relate to them.
“I don’t want to upset my customer”, “I don’t want to lose my next order”, “I’m too embarrassed to ask”, or “I will give them another two weeks to pay”
I’m sure you will agree, at some stage in your businesses you have used these lines with your own customers. I know I’m certainly guilty of doing this in my earlier years in business. In addition, it doesn’t make any difference whether you a running a successful business or not. Even the type of industry will make no difference. It’s happening every day.
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“Keep supplying your client with more credit or goods,” they say. It’s easy to fall into this trap and letting your customers pay when they want or do as they please. Cash flow has never been so important to a business. Set the boundaries with your customers and they will pay you on time.
So my question is to you, what will you be doing differently in collecting your accounts?