Win in this Economy?
If you are like many of our clients and prospects, you have started experiencing a higher percentage of customers not paying you on time over the past quarter. You are not alone. It’s all part and parcel of the changes we are experiencing in this period of the macro-economic cycle. Blame it on a lack of liquidity or a drop in economic confidence. Regardless of your opinion as to the fundamental reasons why the economy has turned one thing is certain; The Game has changed.
Irrespective of where we find ourselves in the economic cycle one phenomenon as it pertains to business persists; there are winners and losers, those that prosper and those that fail. We blame our failures on a myriad of other people; the government, employees, clients, or the banks. We proudly applaud our keen insight, shrewd purchasing, and savvy operational decisions for our success. See a pattern disconnect here? We fail and it’s due to someone else’s transgressions. We succeed and it’s because of our greatness.
Regardless of who or what is to blame when we fail the bottom line is; We failed! We lost!
Since The Game has changed along with the economic cycle here are a few simple tips to tilt the probabilities of succeeding in your favor as it pertains to your accounts receivable and cash flow:
Keep an eye on you accounts receivables and customer credit limits.
Send invoices upon completion of work. Do not wait 30 days until you invoice.
Offer more payment options.
Make collection calls only to those with authority, not an assistant or clerk.
Be persistent and follow up.
Hold orders until balances have been paid.
Step up your marketing efforts.
Remember you are not alone and only you can choose to make the necessary changes to positively impact your outcome during these challenging economic times.
From Contemporary Author Alfred A. Monapert:
“Nobody ever did, or ever will, escape the consequences of his choices.”
…Some food for thought. Making the right choice pays.