How to Get Paid in a Recession

It’s been over 2 years since we addressed the subject of getting paid for work done and services provided, yet that subject is probably closer to the hearts of many a small business owner than ever before in these recession-hit times, when:

  • Companies big and small are ‘going to the wall’
  • Even good, established customers are taking longer to pay
  • Cash isn’t flowing as it was even 6 months ago
  • So let’s have a quick update:

    The telephone can be your best friend – a very useful tool in chasing money, second only to presenting yourself at the customer’s premises, so keep lines of communication open!

    1. Be prompt in chasing – you’ve provided the service or product
    2. 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 the cheques do get written out
    4. Speak initially to the Decision Maker who bought from you – three reasons for this:
    5. This is the person who values the purchase

      This is the person with whom you are building an ongoing business relationship

      In short, this person has a vested interest in keeping you sweet – don’t know about you but I can remember numerous occasions standing over Financial Directors and making them write out a cheque after ‘getting it in the neck’ from a totally fed up supplier!

    6. Don’t back down – be prepared to state your case to the top man or woman
    7. Be pleasant but firm – no-one wins if a slanging match is allowed to develop

    Over to you and best of luck!

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One Response to “How to Get Paid in a Recession”

  1. jhonyparker says:

    The suggestions you made were really worth reading. And they are very useful to people like us who were been striving for the success in the business. Thanks a lot for providing those..

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